Ethereum uptrend vulnerable unless it surges above $1,900

Ethereum extended losses to below $1,820 against the US dollar. If ETH fails to initiate a recovery wave above $1,900, it could fall further.

  • Ethereum started a fresh decline and fell below $1,900.
  • The price is now trading below $1,880 and the 100 hourly simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a key bearish trend line is forming with resistance near $1,880.
  • If there is a clear break below $1,800, the pair may continue to decline.

Ethereum price turns red

Ethereum is close behind bearish path After closing below $1,900. ETH is trading below the $1,850 support area, adding to the pressure on the bulls.

The bears even pushed the price below $1,820, but the price remains above $1,800. A low was formed near $1,806 and the price is now consolidating losses.Ether price is now below $1,880, while 100 hourly simple moving average.

Immediate resistance on the upside is near $1,840. It is near the 23.6% Fib retracement level of the recent swing high from $1,955 to $1,806 low.

The first major resistance is now forming near $1,880 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,955 swing high to $1,806 low.

Source: ETHUSD on TradingView.com

A break above the $1,880 resistance could even push the price above the $1,900 resistance. The next major resistance is near $1,920, above which the price is likely to move into positive territory.

ETH to lose more?

If Ethereum fails to break the $1,880 resistance, it could continue to decline. Initial support on the downside is near $1,800.

The next major support is near $1,780, below which ether prices are likely to accelerate lower. In the aforementioned scenario, the price could drop towards the $1,750 level. Any more losses could open the door for a move towards the $1,650 level.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support – $1,800

Major Resistance – $1,880

Source link