Ethereum Price Analysis: ETH Faces Increase In Bearish Pressure
- Ethereum price is gaining bearish momentum below the $1,900 resistance against the US Dollar.
- ETH price is now trading below $1,920 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $1,910 on the 4-hour chart (data feed from Coinbase).
- The pair could recover, but it is likely to face sellers near the $1,920 resistance zone.
Ethereum price is declining below $1,920 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,800 support zone.
Ethereum Price Analysis
This past week, Ethereum struggled to clear the $1,950 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,950 level but failed.
The recent high was formed near $1,939 and the price started a fresh decline. There was a drop below the $1,900 and $1,880 support levels. The pair even spiked below the $1,820 support. A low is formed near $1,805 and the price is now consolidating losses.
It is now trading below $1,880 and the 55 simple moving average (4 hours). The price is now facing resistance near the $1,870 level. It is near the 50% Fib retracement level of the recent decline from the $1,939 swing high to the $1,805 low.
The next major resistance is near the $1,900 level. There is also a key bearish trend line forming with resistance near $1,910 on the 4-hour chart. The trend line is near the 76.4% Fib retracement level of the recent decline from the $1,939 swing high to the $1,805 low.
The next major resistance is near the $1,940 zone. A clear move above the $1,910 and $1,940 resistance levels might call for a fresh move to $2,000. Any more gains could even send the price toward the $2,100 resistance zone or even $2,140 in the near term.
On the downside, initial support is near the $1,820 level. The next major support is now near the $1,800 level. A break below the $1,800 support could push the price to $1,720. If the bulls fail to protect the $1,720 support, the price might decline toward $1,650.
Ethereum Price
Looking at the chart, Ethereum price is trading below $1,880 and the 55 simple moving average (4 hours). Overall, Ether’s price could recover, but it is likely to face sellers near the $1,920 resistance zone.
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 – $1,820, followed by the $1,800 zone.
Key Resistance$ Levels – $1,870 and $1,900.
