Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Ethereum is slowly moving lower below $1,900 against the US Dollar. ETH must stay above $1,850 to avoid more losses in the near term.
- Ethereum started a downside correction below the $1,920 level.
- The price is now trading below $1,920 and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it stays below $1,900 and $1,950.
Ethereum Price Faces Resistance
Ethereum started a downside correction from well above the $2,000 resistance zone. ETH slowly moved lower below the $1,950 and $1,920 levels.
There was a clear move below the $1,900 level and the 100 hourly simple moving average. Ether price traded as low as $1,854 and remained stable above the $1,850 support zone. It is now consolidating losses above the $1,860 level.
An immediate resistance on the upside is near the $1,900 level and the 100 hourly simple moving average. It is near the 23.6% Fib retracement level of the recent drop from the $2,030 swing high to $1,854 low. There is also a key declining channel forming with resistance near $1,900 on the hourly chart of ETH/USD.
The first major resistance is near the $1,920 and $1,925 levels. The key breakout zone is forming near the $1,950 level or the 50% Fib retracement level of the recent drop from the $2,030 swing high to $1,854 low.
Source: ETHUSD on TradingView.com
A clear move above the $1,950 resistance could start a steady increase to $2,000. If there are more upsides, the price may perhaps gain bullish momentum and test the $2,080 resistance zone in the near term.
More Losses in ETH?
If ethereum fails to rise above the $1,925 resistance, it could continue to move down. An initial support on the downside is near the $1,860 zone.
The next major support is near $1,850, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,810 level. If the bears remain in action, the price could even drop towards the $1,750 level.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,925
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.