Ethereum prices show bearish signs below $1920 against the US dollar. If the support area of $1800 is cleared, ETH may continue to decline
Ethereum prices show bearish signs below $1920 against the US dollar. If the support area of $1800 is cleared, ETH may continue to decline.
- Ethereum has failed to recover and is far below the resistance level of $1920.
- The price is below $1900 and the 100 hour simple moving average.
- On the hourly chart of ETH/USD (data from Kraken), a key bearish trend line has been formed, with resistance around $1845.
- If it clears the levels of $1850 and $1880, the currency pair may begin an upward correction.
Ethereum prices hit
Ethereum's price is attempting to make a short-term upward correction from the $1820 area. ETH climbed above the resistance level of $1850, but there is limited upward space, similar to Bitcoin.
The trading price of Ethereum reached as high as $1889, and has recently started a new round of decline. Falling below the level of $1820. A new week low has formed around $1807, and prices are now consolidating losses. Its trading price is below $1900 and the 100 hour simple moving average.
On the hourly chart of ETH/USD, there is also a key bearish trend line that is forming, with resistance around $1845. The direct resistance level is around the $1845 range and trend line. It is close to the 50% Fibonacci retracement level, which has recently fallen from a high of $1889 to a low of $1807.
The next major resistance level is around $1860 or the 61.8% Fibonacci pullback level, which has recently fallen from a high of $1889 to a low of $1807. An upward breakthrough of $1860 may push Ethereum towards $1900. The main resistance is still around $1920.
If bulls can push the Ethereum up to over $1920, it may steadily rise. In the above situation, the price may rise to the resistance level of $2000. Any further gains could push the ether towards a resistance level of $2080.
More ETH losses?
If Ethereum fails to clear the resistance level of $1845, it may continue to decline. The initial support level for the downward trend is around $1810.
The next major support level is around the $1800 area, and below that area, the Ethereum price may gain bearish momentum. In the above situation, the price may fall towards $1765. Any further losses may raise the price to $1700.
Technical indicators
Hourly MACD——ETH/USD MACD is now gaining momentum in bearish areas.
Hourly RSI——The RSI of ETH/USD is below the 50 level.
Main support level - $1800
Main resistance level - $1920
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