Ethereum continues to fall below the $1,820 support level against the USD. However, if ETH does not start a recovery wave above $1,900, it may fall deeper. ETHEREUM Trading below $1,900 has started a new low.
The price dropped below $1,880 and the 100 hourly simple moving average. A key negative trend line is forming with resistance near $1,880 on the hourly chart of ETH/USD. If there is a clear move below $1,800, the pair may continue to fall.
The price of Ethereum turns red
After falling below the $1,900 threshold, Ethereum started to fall, and ETH fell below the $1,850 support level, putting more pressure on the bulls.
The bears pushed the price below $1,820, but the price remained above $1,800. The price made a low of $1,806, which is now consolidating losses. Ether price is currently trading below $1,880 and the 100-hour simple moving average.
On the upside, the slide from the $1,955 swing high to the $1,806 low is close to the 23.6% Fib retracement of the nearest barrier near the $1,840 mark.
The first major resistance emerged near the $1,880 mark and the 100 hourly simple moving average. A key negative trend line is forming with resistance near $1,880 on the hourly chart of ETH/USD. The current decline of the trend line is close to the 50% Fib retracement level from the swing low of $1,955 to the low price of $1,806.
A clear break above the $1,880 resistance level could take the price above $1,900. The next major barrier is around $1,920, above which the price will probably go to the positive zone.
More ETH losses?
If Ethereum fails to pass the $1,880 barrier, it may continue to fall. On the downside, an initial support level is around $1,800. The next key support is near $1,780, below which the price of Ether may start to fall. In the said case, the price may drop to $1,750 level. Any further losses could pave the way for a move towards the $1,650 mark. good luck!