Ethereum price began a up-to-date decline and reached below $1,950. ETH is currently consolidating below $1,920 and may continue to decline.

• Ethereum remained in a bear zone after falling below $1,950 again.
• The price is trading below $1,950 and the 100-hour uncomplicated moving average.
• On the hourly chart, ETH/USD broke below the contracting triangle with support at $1,975 (data fed via Kraken).
• The pair may continue to decline if it remains below the $2,000 zone.

Ethereum price extends decline

Ethereum price failed to stay stable above $2,000 and began a up-to-date decline, just like Bitcoin. The price of ETH fell below the levels of $1,980 and $1,950.

On the hourly chart, ETH/USD has broken below the contracting triangle with support at $1,975. The price even dropped below $1,920. The low formed at $1,836 and the price is currently consolidating losses well below the 23.6% Fib retracement level resulting from the downward move from the high of $2,003 to the low of $1,836.

Ethereum price is currently trading below $1,950 and the 100-hour uncomplicated moving average. If the bulls hold on to the action above $1,840, the price may be tempted to move higher. Immediate resistance is seen near the $1,880 level.

The first key resistance is near the $1,900 level. The next major resistance is located near the $1,920 level and the 50% Fib retracement level, which is a downward move from the high of $2,003 to the low of $1,836. A clear move above the resistance at $1,920 could push the price towards the resistance at $1,950. An upward break above the $1,950 area could trigger further gains in the coming days. In the given case, Ether may rise towards the $2,000 or even $2,020 resistance zone in the near future.

More flaws in ETH?

If Ethereum fails to break the resistance at $1,950, a up-to-date decline could begin. Initial downside support is near the $1,840 level. The first major support is located near the $1,820 zone.

A clear move below the $1,820 support could push the price towards the $1,780 support. Any further losses could push the price towards the $1,740 region. The main support could be $1,720.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 1,840

Major resistance level – $1,950