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Ethereum price started a decline below $1,950 against the US Dollar. ETH is testing the $1,900 support and showing some bearish signs.
- Ethereum is correcting gains below the $1,950 area.
- The price is trading below $1,940 and the 100-hour simple moving average.
- There is a major bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
- Unless there is a close below $1,900 in the near term, the pair could start another rise.
Ethereum price corrects gains
Ethereum price failed to clear the $1,975 resistance and started a downside correction. ETH traded below the $1,950 level and extended its decline similar to bitcoin.
There was a decline below the $1,920 support. Ultimately, the price declined below $1,900. There was a low formed near $1,894 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $1,974 high to $1,894 low.
Ether is trading below $1,940 and the 100-hour simple moving average. There is also a major bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD.
An immediate resistance is near the $1,925 level of the 100-hour simple moving average. The next major resistance is near the $1,945 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,974 high to $1,894 low.
Source: ETHUSD on Tradingview.com
A clear move above the $1,945 resistance could propel the price towards $1,975. The main resistance is still near the $2,000 level, above which the price could start a decent increase. The next major resistance is near the $2,120 level. Any more gains could send Ether towards the $2,200 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,925 or $1,945 resistance, it could continue to decline. On the downside, an initial support is near the $1,900 level.
The first major support is near the $1,870 level. The next major support is near the $1,820 level. If there is a move below the $1,820 support, the price could decline further towards the $1,770 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 below the 50 level.
Key Support Level – $1,900
Major Resistance Level – $1,945
