Ethereum price started another decline and traded below the $1,880 level. ETH is now consolidating and remains at risk of more losses.
- Ethereum struggled to continue higher above the $2,000 resistance level.
- The price is trading below $1,880 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,820 and $1,880 resistance levels to start a decent increase.
Ethereum Price Dips Again
Ethereum price failed to continue higher above $2,100 and started another decline, similar to Bitcoin. ETH declined below the $1,920 and $1,880 support levels.
It tested the $1,765 zone, forming a low at $1,767, and recently attempted a fresh upward move. There was a move above the $1,800 level, but the price remains below the 23.6% Fib retracement level of the recent decline from the $2,033 swing high to the $1,767 low.
Ethereum price is currently trading below $1,880 and the 100-hourly Simple Moving Average. Additionally, a connecting bearish trend line is forming with resistance at $1,820 on the hourly chart of ETH/USD.
On the upside, the price appears to be facing obstacles near the $1,820 level. The next key resistance is around the $1,880 level and the 50% Fib retracement level of the recent decline. The first major resistance remains near the $1,920 level.
A clear move above the $1,920 resistance could propel the price towards the $2,000 resistance level. An upside break beyond $2,000 might encourage further gains in the coming sessions, with Ether potentially rising toward the $2,050 resistance zone or even $2,120 in the near term.
More Losses In ETH?
If Ethereum fails to overcome the $1,880 resistance, it may embark on another decline. Initial support on the downside is near the $1,780 level, with the first major support positioned around $1,765.
A decisive move below the $1,765 support could steer the price towards the $1,720 support. Additional losses might drive the price down to the $1,680 support level in the near term, with the next key support located at $1,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $1,765
Major Resistance Level – $1,880
