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Ethereum Could Take Hit As The Bulls Show Weak Hands
Ethereum extended losses below the $1,850 support against the US Dollar. ETH could decline further if there is a clear move below the $1,800 level.
Ethereum started a fresh decline from the $1,950 resistance zone.
The price is now trading below $1,900 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,920 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bearish momentum if there is a clear move below the $1,800 level.
Ethereum Price Remains At Risk
Ethereum remained in a bearish zone below the $2,000 resistance zone. ETH traded below the $1,850 support zone to move further into a bearish zone.
The decline found support near the $1,820 level. Ether price is now consolidating losses above the $1,820 level. It is now trading below $1,900 and the 100 hourly simple moving average. The bears are active near the 23.6% Fib retracement level of the recent decline from the $1,956 swing high to the $1,820 low.
Immediate resistance on the upside is near the $1,885 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $1,956 swing high to the $1,820 low.
The main resistance is now forming near the $1,900 and $1,920 levels. There is also a major bearish trend line forming with resistance near $1,920 on the hourly chart of ETH/USD. A clear move above the $1,920 resistance could push the price towards the $1,950 level.
Source: ETHUSD on TradingView.com
To move into a positive zone, the price must clear the $1,950 level. In the stated case, the price may perhaps rise towards the $2,000 level.
More Losses in ETH?
If Ethereum fails to rise above the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,820 zone.
The next major support is near $1,800, below which there could be more losses. In the stated case, ether price may perhaps decline towards the $1,760 level. Any more losses may perhaps open the doors for a move towards the $1,700 level.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 levels.
Major Support Level – $1,800
Major Resistance Level – $1,920
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