Ethereum was struggling to clear the key $1,920 resistance against the US Dollar. ETH declined sharply and is now testing the main $1,700 support area.
- Ethereum failed to cross the main $1,920 resistance area.
- The price is now trading below $1,800 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a clear move below the support area of $1,700, the pair could face a sharp decline.
Ethereum Price Trims Profit
Ethereum gained momentum above the $1,850 resistance level to start a recovery wave. There was a steady move above the $1,880 level and the 100 hourly simple moving average.
The price climbed above the 50% Fib retracement level of the key decline from the $2,015 high to $1,735 low. Ether price also moved above the $1,900 level but the bears remained active near the main hurdle at $1,920.
The price is struggling above the $1,900 level. It faced sellers near the 61.8% Fib retracement level of the decline from $2,015 high to $1,735 low.
As a result, there was a sharp decline below the $1,850 support level. There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD. Ether price declined heavily and even broke the $1,750 support area.
Source: ETHUSD on TradingView.com
It is now consolidating losses above the $1,700 support level. On the upside, an initial resistance is near the $1,780 level. The next major resistance is near the $1,800 and $1,820 levels. A clear move above the $1,820 resistance could start a decent recovery. In the stated case, the price may revisit $1,850. Any further gains could set the pace towards $1,900.
More losses in ETH?
If Ethereum fails to rise above the $1,820 resistance, it could continue with a downside move. An initial support on the downside is near the $1,720 area.
The next major support is near the $1,700 level. A clear move below the $1,700 level could lead to a major decline. The next major support is likely to be $1,660. Any further losses could send the price towards the $1,550 level in the near term.
hourly macd , The MACD for ETH/USD is now gaining momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now in oversold territory.
Key Support Level – $1,700
Key Resistance Level – $1,820