Ethereum price started a new decline below $1,900. $ETH is currently consolidating its losses and may find it difficult to break above $1,920 or $1,950.
- Ethereum failed to break above $1,950 and a new decline began.
- The price is trading below the 100-hour simple moving average at $1,920.
- On the hourly chart of , there is a bearish trend line forming resistance at $1,950. $ETH/USD (data feed via Kraken).
- If the price remains below the $1,920 zone, the decline could begin again.
Ethereum price plummets
Ethereum price failed to sustain above $1,920 and a new decline began, similar to Bitcoin. $ETH The price fell below the $1,900 and $1,880 levels and entered the bearish zone.
Finally, the bulls emerged around $1,850. A low was formed at $1,845 and the price started a small recovery wave. Although there was a move above the $1,865 level, the price is still well below the 23.6% Fib retracement level of the decline from the swing high of $1,994 to the low of $1,845.
Ethereum price is currently trading below $1,900 and its 100 hourly simple moving average. If the bulls sustain the action above $1,850, the price could try to move higher. Immediate resistance is seen near the $1,880 level.
The first major resistance is near the $1,920 level and the 50% fibritracement level of the decline from the swing high of $1,994 to the low of $1,845. The next major resistance level is near the $1,950 level. There is also a bearish trendline forming resistance at $1,950 on the hourly chart. $ETH/USD.
A clear break above the $1,950 resistance could push the price towards the $2,000 resistance. A break above the $2,000 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,050 resistance zone and even $2,120 in the short term.
further decline $ETH?
If Ethereum fails to break through the $1,920 resistance level, a fresh decline could begin. The first support on the downside is near the $1,850 level. The first major support is located near the $1,825 zone.
A clear move below the $1,825 support could push the price towards the $1,780 support. Any further losses could send the price towards the $1,740 area. The main support could be at $1,720.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $1,850
Major Resistance Level – $1,920
