Ethereum price is struggling to settle above the $1,920 resistance against the US Dollar. ETH is still at risk of a drop toward the $1,790 support.
- Ethereum is still facing a major hurdle near the $1,920 resistance.
- The price is trading near $1,870 and the 100-hourly Simple Moving Average.
- There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline further if it remains below $1,920 and $1,930 for a long time.
Ethereum Price Grinds Lower
Ethereum’s price remained below the key $1,920 resistance zone. ETH failed to stay above the $1,900 zone and extended its decline, similar to Bitcoin.
There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD. The pair dipped below the $1,865 support and the 100-hourly Simple Moving Average. However, losses were limited below $1,850.Ether is now trading near $1,870 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,885 level or the 50% Fib retracement level of the recent decline from the $1,930 high to the $1,838 low. The next major resistance is near the $1,900 level.
More Losses in ETH?
If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,840 Major Resistance Level – $1,900