- Ethereum price is struggling below the $1,900 resistance against the US Dollar.
- ETH price is now trading below $1,880 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $1,880 on the 4-hour chart (data feed from Coinbase).
- The pair could continue to move down if it stays below $1,880 and $1,900.
Ethereum price is declining below $1,900 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,830 support zone.
Ethereum Price Analysis
This past week, Ethereum started a fresh decline below $1,950 against the US Dollar. ETH price moved into a bearish zone below the $1,920 level.
There was a sharp move below the $1,880 level. A low was formed near $1,832 and the price is now consolidating losses. It is now trading below $1,880 and the 55 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $1,880 on the 4-hour chart.
On the upside, the price is now facing resistance near the $1,855 level. It is close to the 23.6% Fib retracement level of the downward move from the $1,929 swing high to the $1,832 low.
The next major resistance is near the $1,880 level and the trend line. The 50% Fib retracement level of the downward move from the $1,929 swing high to the $1,832 low is also near $1,880. A clear move above the $1,880 resistance could send the price toward $1,900.
Any more gains could even send the price toward the $1,930 resistance zone or even $2,000 in the near term. On the downside, initial support is near the $1,830 level.
The next major support is now near the $1,780 level. A break below the $1,780 support could push the price to $1,650. If the bulls fail to protect the $1,650 support, the price might decline toward $1,550.
Looking at the chart, Ethereum price is trading below $1,900 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,880 and $1,900.
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 – $1,830, followed by the $1,780 zone.
Key Resistance$ Levels – $1,880 and $1,900.
