Ethereum Price Struggles Below $1,900 – Can Bulls Save the Day? – NewsBTC

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Ethereum price is showing bearish signs below the $1,900 resistance against the US Dollar. ETH could extend its decline toward the $1,780 support.
Ethereum’s price remained in a bearish zone below the $1,900 level. ETH struggled to recover and extended its decline below the $1,880 level, similar to Bitcoin.
The price declined below the $1,850 support level. A new weekly low is formed near $1,832 and the price is now consolidating losses. There was a minor recovery wave above the $1,850 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,904 swing high to the $1,832 low.
Ether is now trading below $1,880 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support near $1,845 on the hourly chart of ETH/USD.
On the upside, immediate resistance is near the $1,870 level. It is close to the 50% Fib retracement level of the recent decline from the $1,904 swing high to the $1,832 low. The first major resistance is near the $1,880 level or the 100-hourly Simple Moving Average.
Ethereum Price
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,900 zone, above which the price might start a decent increase toward the $1,920 hurdle. Any more gains could send Ether toward the $2,000 resistance in the near term. An intermediate resistance might be $1,945.
If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,845 level and the trend line.
The first major support is near the $1,825 level, below which the price might gain bearish momentum. The next major support is near the $1,780 support level. Any more losses could open the doors for a move toward the $1,720 level in the coming sessions.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSIThe RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,825
Major Resistance Level – $1,880
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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