With relation to the US dollar, the price of ethereum is declining below the $1,850 region. #ETH can continue to fall and trade below the $1,800 level of support.
Below the $1,850 and $1,840 resistance levels, Ethereum is edging downward.
The price is trading below both the 100-hour Simple Moving Average and the $1,840 mark.
In the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance close to $1,835. (data feed via Kraken).
In the immediate future, the pair may decline much farther below the $1,800 support.
Red Price of #Ethereum
The price of Ethereum struggled to rise back above the $1,860 area of resistance. Similar to Bitcoin, ETH stayed in a bearish zone and continued to fall below the $1,850 mark.
The price clearly moved below the support level of $1,830 and fell below $1,800. The price has hit a bottom near $1,811 and is currently extending its losses. Above $1,820, there was a surge of recovery. Price increased beyond the 23.6% Fibonacci retracement level of the most recent downturn from the swing high of $1,854 to the low of $1,811.
The 100-hour Simple Moving Average and the price of Ether are currently trading below $1,840. In the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,835 is also developing.
On the upside, the price may encounter resistance close to the trend line or the $1,835 mark. It is quite near to where the recent slide from the swing high of $1,854 to the low of $1,811 is retracing 50% of its original distance. The 100-hourly Simple Moving Average or close to $1,840 will serve as the next obstacle.
The $1,850 mark represents the first significant obstacle. At the $1,860 mark comes the next significant obstacle. A closing above $1,860 might signal the beginning of a steady rise towards $1,900. Any further advances might push the price up near the pivot level of $1,920, over which it might surge towards the $2,000 region.
More $ETH Losses?
Ethereum may keep falling if it is unable to overcome the $1,840 resistance. At $1,810 is where initial support on the downside is located.
The $1,800 region serves as the first significant support. If the bulls are unable to defend the $1,800 support, further losses may occur. At the $1,760 support level is the next significant support. The price may soon move towards $1,720 if there are any additional losses.
Technological Significance
Hourly MACD - The negative area of the ETH/USD MACD is gaining strength.
Hourly RSI - The ETH/USD RSI is currently below the 50 mark.
$1,800 is the Major Support Level.
$1,850 is the major resistance level.
