Ethereum price is struggling to clear the $1,880 zone against the US dollar. ETH could start a fresh decline if it stays below USD 1,880 and USD 1,900.
- Ethereum is facing major resistance near $1,880 and $1,900.
- The price is trading below $1,875 and the 100-hour Simple Moving Average.
- Previously, there was a break below a key bullish trendline with support near USD 1,870 on the ETH/USD hourly chart (data feed via Kraken).
- The pair is now struggling to break above the same trendline and $1,880.
Ethereum price encounters major resistance
The price of Ethereum failed to clear the $1,885 resistance and started a fresh decline. ETH fell below the USD 1,875 and USD 1,870 levels in a range similar to Bitcoin.
In addition, there was a break below a key bullish trendline with support near USD 1,870 on the ETH/USD hourly chart. The pair tested the $1,850 support and recently started another increase. There was a move above the $1,865 level. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $1,885 swing high to the $1,850 low.
Ether is now struggling to climb above the same trendline and USD 1,880. It is trading below $1,875 and the 100-hour Simple Moving Average. On the upside, immediate resistance is near the $1,875 level and the 100 hourly SMA. It is close to the 61.8% Fib retracement level of the downward move from the $1,885 swing high to the $1,850 low.
Source: ETHUSD at TradingView.com
The first major resistance is near the USD 1,885 level. The next key resistance is near the $1,900 level, above which the price could rise towards the $1,950 zone. More wins could send the prize to the $2,000 hurdle.
New Decline in ETH?
If Ethereum fails to clear the $1,875 resistance, it could start a fresh decline. The first support on the downside is near the $1,860 level.
The first major support is near the $1,850 zone, below which the price could test the $1,820 support zone. The next major support is near the $1,780 support level.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,850
Major resistance level – $1,885