- Ethereum price is gaining bearish momentum below the $1,885 resistance against the US Dollar.
- ETH price is now trading below $1,885 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $1,885 on the 4-hour chart (data feed from Coinbase).
- The pair could recover, but it is likely to face sellers near the $1,885 resistance zone.
Ethereum price is declining below $1,885 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,800 support zone.
Ethereum Price Analysis
This past week, Ethereum struggled to clear the $2,020 resistance zone against the US Dollar. ETH price struggled to gain pace above the $2,000 level and reacted to the downside.
The recent high was formed near $2,020 and the price started a fresh decline. There was a drop below the $1,920 and $1,885 support levels. The pair even spiked below the $1,820 support. A low is formed near $1,810 and the price is now consolidating losses.
It is now trading below $1,885 and the 55 simple moving average (4 hours). On the upside, the price is now facing resistance near the $1,860 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,020 swing high to the $1,810 low.
The next major resistance is near the $1,885 level, above which it could test the 50% Fib retracement level of the recent decline from the $2,020 swing high to the $1,810 low.
The next major resistance is near the $1,970 zone. A clear move above the $1,970 and $1,980 resistance levels might call for a fresh move to $2,020. Any more gains could even send the price toward the $2,120 resistance zone or even $2,200 in the near term.
On the downside, initial support is near the $1,800 level. The next major support is now near the $1,775 level. A break below the $1,775 support could push the price to $1,720. If the bulls fail to protect the $1,720 support, the price might decline toward $1,650.
Looking at the chart, Ethereum price is trading below $1,885 and the 55 simple moving average (4 hours). Overall, Ether’s price could recover, but it is likely to face sellers near the $1,885 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,800, followed by the $1,775 zone.
Key Resistance$ Levels – $1,885 and $1,915.
