Against the US dollar, Ethereum continued to fall below the $1,850 level of support. If there is a definitive move below the $1,800 mark, ETH may fall even more.
- From the $1,950 resistance zone, Ethereum started to drop once more.
- Currently, the price is trading below both the 100 hourly SMA line and the $1,900 mark.
- On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance close to $1,920.
- If there is a noticeable decline below the $1,800 mark, the pair may start trending downward.
Ethereum Price Remains At Risk
Ethereum stayed below the $2,000 resistance zone in a bearish zone. ETH dropped below the $1,850 support level and entered a more bearish territory. The $1,820 level provided resistance to the fall. The price of ether is currently recouping losses above $1,820. At this time, it is trading below both the 100 hourly SMA line and $1,900. Near the 23.6% Fib retracement level of the most recent collapse from the $1,956 to the $1,820 low, where the bears are active. Immediate resistance on the upside is near the $1,885 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $1,956 to the $1,820 low. The main resistance is now forming near the $1,900 and $1,920 levels. There is also a major bearish trend line forming with resistance near $1,920 on the hourly chart of ETH/USD. A clear move above the $1,920 resistance could push the price toward the $1,950 level. To move into a positive zone, the price must clear the $1,950 level. In the stated case, the price may perhaps rise towards the $2,000 level.
More Losses in Ethereum?
Ethereum may keep falling if it is unable to go past the $1,920 resistance. Near the $1,820 region is the first area of support on the downside. Near $1,800 is the next significant support, below which there may be further declines. In the aforementioned scenario, the price of ether might drop to around $1,760. Any additional losses might pave the way for a move in the direction of the $1,700 mark.