Ethereum price started a fresh decline below the $1,820 support against the US Dollar. ETH is showing bearish signs and might decline further toward $1,700.
- Ethereum is currently moving lower below the $1,820 support zone.
- The price is trading below $1,800 and the 100-hourly Simple Moving Average.
- There are two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue lower toward the $1,720 and $1,700 levels.
Ethereum Price Extends Losses
Ethereum’s price failed to recover above the $1,850 resistance zone. ETH started a fresh decline and traded below the $1,820 support zone, similar to Bitcoin.
The decline gained pace below the $1,800 level. The price tested the $1,760 zone. A low is formed near $1,761 and the price is now consolidating losses. Ether is trading below $1,800 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD.
More Losses in ETH?
If Ethereum fails to clear the $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,760 level.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,760 Major Resistance Level – $1,820