Ethereum price is showing bearish signs below $1,920 against the US Dollar. ETH could continue to move down if it clears the $1,800 support zone.
- Ethereum failed to recover and stayed well below the $1,920 resistance.
- The price is trading below $1,900 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $1,845 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start an upside correction if it clears the $1,850 and $1,880 levels.
Ethereum Price Takes A Hit
Ethereum’s price attempted a short-term upside correction from the $1,820 zone. ETH climbed above the $1,850 resistance zone but upsides were limited, similar to Bitcoin.
Ether traded as high as $1,889 and recently started a fresh decline. There was a break below the $1,820 level. A new weekly low is formed near $1,807 and the price is now consolidating losses. It is trading below $1,900 and the 100-hourly Simple Moving Average.
More Losses in ETH?
If Ethereum fails to clear the $1,845 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 now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,800 Major Resistance Level – $1,920