Ethereum extended its decline below the $1,820 support level against the US Dollar. ETH tested $1,730 and remains at risk of more downside in the near term.
- Ethereum gained bearish momentum and fell below $1,820.
- The price is now trading below $1800 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 is gaining bearish momentum
Ethereum remained below $2000 resistance area and a simple moving average of 100 hours. As a result, there was a sharp bearish reaction below the support level at $1,920.
The bears managed to push the price below $1,820 and $1,800. The price fell more than 10% and traded below $1,750. The bottom formed near $1,727, and the price is now consolidating its losses. On the upside, there is an initial resistance near the $1,770 level. It is near the 23.6% Fib retracement level of the recent decline from the $1.911 swing high to $1,727.
The next major resistance is near the $1,820 level. It is close to the 50% Fib retracement level of the recent decline from the $1.911 swing high to $1,727.
The main 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 close above $1,920 may open the door for a steady increase.
Source: ETHUSD on TradingView.com
In the mentioned case, the price of Ether could rise towards the $2000 resistance area. Any further gains could lead it towards the key resistance area at $2,085.
More losses in ETH?
If Ethereum fails to recover above the resistance level at $1,820, it may continue to decline. There is initial support on the downside near the $1,730 region.
The next major support is near the $1,700 level. a break down side Below the $1700 level, another sharp drop may be warranted. In the mentioned case, the price could regress towards the $1650 level. Any further losses may require a move to $1,500.
MACD per hour – ETH/USD’s MACD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 40 level.
Key Support Level – $1,720
Key Resistance Level – $1,820