- Ethereum price is struggling to climb above the $1,880 resistance against the US Dollar.
- ETH price is now trading below $1,860 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $1,850 on the 4-hour chart (data feed from Coinbase).
- The pair could continue to move down if it breaks the $1,835 support zone.
Ethereum price is declining below $1,850 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,835 support zone.
Ethereum Price Analysis
This past week, Ethereum struggled to clear the $1,880 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,880 level but failed.
A swing high was formed near $1,876 and the price started a fresh decline. There was a drop below the $1,860 and $1,850 support levels. There was a move below the 23.6% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.
The pair even spiked below the $1,840 support. It is now trading below $1,850 and the 55 simple moving average (4 hours). On the upside, the price is now facing resistance near the $1,850 level. There is also a major bearish trend line forming with resistance near $1,850 on the 4-hour chart.
The next major resistance is near the $1,880 level. The next major resistance is near the $1,900 zone. A clear move above the $1,880 and $1,900 resistance levels might call for a fresh move to $1,950. Any more gains could even send the price toward the $2,000 resistance zone or even $2,050 in the near term.
On the downside, initial support is near the $1,835 level. It is close to the 50% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.
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.
Looking at the chart, Ethereum price is clearly trading below $1,850 and the 55 simple moving average (4 hours). Overall, ether price could continue to move down if it breaks the $1,835 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,835, followed by the $1,800 zone.
Key Resistance$ Levels – $1,850 and $1,880.
