Ethereum gained bearish momentum after it breached the $1,920 support level against the US Dollar. ETH may extend losses if it breaks the $1,760 support level.
- Ethereum started a new decline after it broke the support level at $1,920.
- The price is now trading below $1900 and the 100 hourly simple moving average.
- There was a break below a major contracting triangle with support near $1900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair tested the support level at $1,760 and remains at the risk of further losses.
Ethereum price reverses gains
Ethereum failed to clear $2000 resistance area. There was a sharp bearish reaction below the support levels at $1,950 and $1,920.
There was a break below a major contracting triangle with support near $1900 on the hourly chart of ETH/USD. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the swing low of $1,705 to the high of $2,015.
Ether price fell below the support level at $1,840 and even fell below $1,800. It tested the next major support at $1,760. It is now correcting gains and trading above $1800. The price is also trading near the 23.6% Fib retracement level of the recent decline from the $2,015 swing high to $1,762.
On the upside, there is an initial resistance near the $1,835 level. next one great resistance It is near the $1,888 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $2,015 high to $1,762.
Source: ETHUSD on TradingView.com
A clear move above the $1,888 level could push the price towards the key resistance at $1,920. Any further gains could lead it towards the $2000 resistance area.
More losses in ETH?
If Ethereum fails to recover above the resistance level at $1,888, it may extend its decline. There is initial support on the downside near the $1,785 region.
The next major support is near the $1,760 level. A bearish breakout below the $1,760 level could push the price towards $1,720. Any further losses could start a move towards the $1,650 level in the near term, where the bulls may emerge.
MACD per hour – ETH/USD’s MACD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 40 level.
Main Support Level – $1,760
Key Resistance Level – $1,888