Ethereum price is moving lower below the $1,850 zone against the US Dollar. ETH could extend losses and trade below the $1,800 support.
- Ethereum is slowly moving lower below the $1,850 and $1,840 resistance levels.
- The price is trading below $1,840 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could drop further below the $1,800 support in the near term.
Ethereum Price Turns Red
Ethereum’s price struggled to recover above the $1,860 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,850 level, similar to Bitcoin.
There was a clear move below the $1,830 support and the price declined toward $1,800. A low is formed near $1,811 and the price is now consolidating losses. There was a recovery wave above the $1,820 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,854 swing high to the $1,811 low.
More Losses in ETH?
If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,810 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 – $1,800 Major Resistance Level – $1,850