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Ethereum price failed to surpass $1,880 and declined against the US Dollar. ETH is struggling and it could decline towards the $1,790 support.
- Ethereum is currently correcting lower below the $1,880 resistance area.
- The price is trading below $1,830 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to accelerate higher towards the $1,790 and $1,780 levels.
Ethereum Price Fails Again
Ethereum price attempted a fresh increase above the $1,850 resistance area. However, ETH bears remained active near the $1,880 level and the price started another decline, similar to bitcoin.
The price declined from the $1,873 high and traded below the $1,850 support. There was a clear move below the 50% Fibonacci retracement level of the upward move from the $1,792 swing low to $1,873 high. Ether price is now trading below $1,830 and the 100 hourly simple moving average.
There is also a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. An immediate resistance is near the $1,830 area and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,840 level and the trend line. A close above the $1,840 resistance could send ether towards $1,880. The next resistance is near the $1,920 level, above which Ethereum could climb higher towards $2,000. Any further gains above the $2,000 resistance area could start a steady rise towards the $2,120 resistance.
More Losses in ETH?
If Ethereum fails to overcome the $1,840 resistance, it could continue to decline. An initial support on the downside is near the $1,810 level and the 76.4% Fib retracement level of the move from the $1,792 low to $1,873 high.
The next major support is near the $1,790 area. The main support sits at $1,770. If there is a close below the $1,770 support, the price could turn bearish. In the mentioned case, the price could decline towards the $1,720 support area. Any further losses in the coming sessions could probably lead it towards the $1,650 support area.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is well below the 50 level.
Key Support Level – $1,775
Key Resistance Level – $1,840
