Ethereum found support near $1,760 and declined higher against the US Dollar. ETH is now facing major resistance near the $1,850 and $1,880 levels.
- Ethereum is gaining momentum and trading above $1,800.
- The price is now trading below $1,880 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline unless there is a clear move above $1,880 and $1,920.
Ethereum price faces resistance
Ethereum extended the decline below the $1,850 support area. There was even a downside break below $1,800 before the bulls appeared near the $1,760 area.
A low was formed near $1,762 and a wave of correction was started in the price. The price climbed above the $1,800 resistance level. Ether price also traded above the 23.6% Fib retracement level of the decline from the $2,015 high to $1,762 low.
However, the bears are currently protecting gains above the $1,850 level. It is trading below $1,880 and the 100 hourly simple moving average.
On an upside, an initial resistance is near the $1,860 level and the 100 hourly simple moving average. The next major resistance is near the $1,880 area. It is near the 50% Fib retracement level of the downside bias from the $2,015 high to $1,762 low.
Source: ETHUSD on TradingView.com
There is also a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD. A clear move above the trend line and the $1,920 resistance could start a decent rise. In the specified case, the price may retest $2,000, above which it may test $2,050.
Latest drop in ETH?
If Ethereum fails to rise above the $1,920 resistance, it could start another decline. An initial support on the downside is near the $1,800 area.
The next major support is near the $1,760 level. A clear move below the $1,760 level could lead to a major decline. The next major support is likely to be $1,720. Any further losses could send the price towards the $1,650 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 struggling to clear the 50 level.
Key Support Level – $1,760
Key Resistance Level – $1,920