BEARISH 📉 : Ethereum price falls below $1,900 amid strong downtrend
Ethereum's price is experiencing a decline, trading below $1,900 and facing challenges to recover above $1,920 or $1,950.
- ETH failed to maintain its position above $1,950, initiating a fresh decline.
- The price remains below $1,920 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $1,950 on the hourly chart of ETH/USD.
- The pair risks further decline if it stays below the $1,920 level.
Current Price Movement
ETH price fell below $1,900 and $1,880, entering a bearish zone. Despite a minor recovery from a low of $1,845, the price is well below the 23.6% Fib retracement level from the $1,994 swing high.
Ethereum is trading below $1,900 and the 100-hourly SMA. Resistance levels are noted near $1,880 and $1,920, with key resistance at $1,950. A move above $1,950 could push the price toward $2,000 and potentially $2,050 or $2,120.
Potential for Further Decline
If Ethereum doesn't surpass the $1,920 resistance, it may decline further. Initial support is around $1,850, with major support near $1,825. Falling below $1,825 could lead to declines toward $1,780 or $1,740, with main support at $1,720.
Technical Indicators:
- Hourly MACD: Bearish momentum is increasing.
- Hourly RSI: Positioned below the 50 mark.
- Major Support Level: $1,850
- Major Resistance Level: $1,920