Ethereum price started a fresh decline and traded below $1,950. ETH is now consolidating below $1,920 and might continue to move down.
- Ethereum remained in a bearish zone after a fresh decline below $1,950.
- The price is trading below $1,950 and the 100-hourly Simple Moving Average.
- There was a break below a contracting triangle with support at $1,975 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $2,000 zone.
Ethereum Price Extends Decline
Ethereum price failed to remain stable above $2,000 and started a fresh decline, like Bitcoin. ETH price dipped below the $1,980 and $1,950 levels.
There was a break below a contracting triangle with support at $1,975 on the hourly chart of ETH/USD. The price even traded below $1,920. A low was formed at $1,836, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $2,003 swing high to the $1,836 low.
Ethereum price is now trading below $1,950 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,840, the price could attempt another increase. Immediate resistance is seen near the $1,880 level.
The first key resistance is near the $1,900 level. The next major resistance is near the $1,920 level and the 50% Fib retracement level of the downward move from the $2,003 swing high to the $1,836 low. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,020 in the near term.
More Downside In ETH?
If Ethereum fails to clear the $1,950 resistance, it could start a fresh decline. Initial support on the downside is near the $1,840 level. The first major support sits near the $1,820 zone.
A clear move below the $1,820 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,740 region. The main support could be $1,720.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,840
Major Resistance Level – $1,950
