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Ethereum price is struggling to consolidate above the $1,920 resistance against the US Dollar. ETH remains at risk of a drop towards the $1,790 support.
- Ethereum is still facing a major hurdle near the $1,920 resistance.
- The price is trading near $1,870 and the 100 hourly simple moving average.
- There was a break below a short term contracting triangle with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair sustains below $1,920 and $1,930 for a long period, it could decline further.
ethereum price down
Ethereum price remained below the key $1,920 resistance area. ETH failed to sustain above the $1,900 area and extended its decline just like bitcoin.
There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD. The pair declined below the $1,865 support and the 100 hourly simple moving average. However, losses were limited below $1,850.
A low formed near $1,838 and the price is now correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $1,930 high to $1,838 low.
Ether is now trading near $1,870 and the 100-hourly simple moving average. An immediate resistance is near the $1,885 level or the 50% Fib retracement level of the recent decline from the $1,930 high to $1,838 low. The next major resistance is near the $1,900 level.
Source: ETHUSD on Tradingview.com
The key breakout zone is still near the $1,920 and $1,930 levels. If the bulls manage to pump Ethereum above the $1,930 area, the price could accelerate further. The next resistance is near the $2,000 level, above which the price is likely to rise towards the $2,050 level. Any more gains could send Ether towards the $2,120 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,900 resistance, it could continue to decline. On the downside, an initial support is near the $1,850 level.
The next major support is near the $1,840 level. If there is a change below $1,840 and the recent low, the price could test $1,790. Any further losses could probably take the price towards the $1,750 support.
technical indicators
hourly macd , The MACD for ETH/USD is losing momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,840
Major Resistance Level – $1,900
