Ethereum's price has extended its decline below $1,900 against the US dollar. The cryptocurrency has tested the support level of $1,825 and is currently attempting a recovery.
Ethereum has experienced a drop of over 2%, falling below $1,900. The price is currently below $1,890 and the 100-hour simple moving average. On the hourly chart of ETH/USD (data feed via Kraken), there was a breakthrough below a connecting bullish trendline with support near $1,905. The pair may attempt a recovery, but the upside potential could be limited around $1,900.
Ethereum's price has struggled to surpass the $1,955 resistance. It has started another decline and, similar to Bitcoin, was traded below the crucial support level of $1,900.
The price even fell below the $1,850 mark. Additionally, there was a breakthrough below a connecting bullish trendline with support near $1,905 on the hourly chart of ETH/USD. However, the bulls were active near the last pivot zone at $1,825. A low is forming at $1,825, and the price is now attempting a recovery.
Ethereum is currently trading below $1,890 and the 100-hour simple moving average. The immediate resistance level is near the $1,855 mark, which is close to the 23.6% Fib retracement level of the recent decline from the swing high of $1,955 to the low of $1,825.
The first major resistance is near the $1,890 zone, or the 100-hour simple moving average. The next major resistance is near the $1,905 mark, which is close to the 61.8% Fib retracement level of the recent decline from the swing high of $1,955 to the low of $1,825.
A clear move above the $1,905 resistance could drive the price towards $1,955. The next major resistance is near the $1,975 mark. Further gains could push Ethereum towards the $2,050 resistance level.
If Ethereum fails to surpass the $1,855 or $1,890 resistance levels, the downtrend could continue. The first support to the downside is near the $1,840 mark. The first major support is near the $1,825 mark, followed by the $1,770 mark. A move below the $1,770 support level could lead to a further decline towards the $1,720 support level.
In terms of technical indicators, the hourly MACD for ETH/USD is losing momentum in the bearish zone, and the hourly RSI is now below the 50 mark.
The main support level is $1,825, and the main resistance level is $1,890.
