Ethereum extended a downside break below the $1,820 support level against the US Dollar. ETH tested $1,730 and there is a risk of further downside in the near term.
- Ethereum gained bearish momentum and declined below $1,820.
- The price is now trading below $1,800 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is struggling and remains at risk of further losses below $1,700.
Ethereum price gains bearish momentum
Ethereum remained well below the $2,000 resistance area and the 100 hourly simple moving average. As a result, there was a sharp bearish reaction below the $1,920 support level.
The bears were able to push the price below the $1,820 and $1,800 levels. The price declined over 10% and traded below $1,750. A low is formed near $1,727 and the price is now consolidating losses. On the upside, an initial resistance is near the $1,770 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,911 high high to $1,727 low.
The next major resistance is near the $1,820 level. It is near the 50% Fib retracement level of the recent decline from the $1,911 high to $1,727 low.
A major resistance is now forming near the $1,920 level. There is also a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. A steady rise above the $1,920 level could open the doors.
Source: ETHUSD on TradingView.com
In the said case, Ether price could move towards the $2,000 resistance area. Any further gains could perhaps send it towards the key $2,085 resistance area.
More losses in ETH?
If Ethereum fails to rise above the $1,820 resistance, it could continue to move lower. An initial support on the downside is near the $1,730 area.
The next major support is near the $1,700 level. A downside break below the $1,700 level might call for another sharp decline. In the said case, the price could decline towards the $1,650 level. Any further losses may be asked to take up to $1,500.
technical indicators
hourly macd , The MACD for ETH/USD is now gaining momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now below the 40 level.
Key Support Level – $1,720
Key Resistance Level – $1,820