Ethereum price started a fresh decline below the $1,850 level against the US Dollar. ETH is at risk of a drop toward the $1,650 support zone in the near term.
- Ethereum is moving lower below the $1,880 support zone.
- The price is trading below $1,860 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if there is a clear move below $1,800.
Ethereum Price Extends Decline
Ethereum’s price started a fresh decline and traded below the $1,880 support zone. ETH even moved below the $1,850 support to enter a bearish zone, similar to Bitcoin.
The price traded close to the $1,800 level. A low is formed near $1,812 and the price is now consolidating losses. It is trading below $1,860 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH/USD.
More Losses in ETH?
If Ethereum fails to clear the $1,888 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level or the recent low.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,800 Major Resistance Level – $1,888