Ethereum price is slowly moving lower from the $1,920 resistance against the US Dollar. ETH could extend its decline toward the $1,790 support.
- Ethereum is still struggling to surpass the $1,920 resistance.
- The price is trading below $1,900 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support near $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline further toward the $1,790 support in the coming sessions.
Ethereum Price Stuck In A Range
Ethereum’s price attempted another upside break above the key $1,920 resistance zone. ETH failed to gain bullish momentum for a close above the $1,920 level, similar to Bitcoin.
A high is formed near $1,912 and the price is now moving lower. There was a break below the $1,900 level. The price declined below the 50% Fib retracement level of the recent increase from the $1,838 low to the $1,912 high. Besides, there was a break below a key bullish trend line with support near $1,885 on the hourly chart of ETH/USD.Ether is now trading below $1,900 and the 100-hourly Simple Moving Average. It is now testing the 76.4% Fib retracement level of the recent increase from the $1,838 low to the $1,912 high.
If Ethereum stays above $1,850, it could attempt another increase. Immediate resistance is near the $1,880 level or the 100-hourly Simple Moving Average. The next major resistance is near the $1,900 level.More Losses in ETH?
If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level.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 level.
Major Support Level – $1,840 Major Resistance Level – $1,900