Ethereum struggled to clear key resistance against the dollar at $1,920. ETH has fallen sharply and is now testing the main support area at $1,700.
Ethereum failed to break through major resistance at $1,920.
Prices are now below $1,800 and the 100-hour simple moving average.
The hourly chart of ETH/USD (via Kraken) breaks the main bullish trendline with support near $1,800.
A significant break below the $1,700 support area could see the pair fall sharply.
Ethereum pared gains
Ethereum rallied above resistance at $1,850, starting the recovery wave. Steady gains above $1,880 and 100-hour simple moving average.
Prices rose from a swing high of $2,015 to a low of $1,735, breaking the fibo 50% retracement level of the key decline. Ether even rose above $1,900, but bears remained active near $1,920.
Prices are struggling above $1,900. It faces sellers around the fibo 61.8% retracement of the key drop from the swing high of $2,015 to the low of $1,735.
As a result, it fell sharply below support at $1,850. Breaks key bullish trendline on ETH/USD hourly chart with support around $1,800. The price of Ether fell sharply, even breaking through support at $1,750.
Source: ETHUSD at TradingView.com
It is now consolidating losses above the $1,700 support level. On the plus side, initial resistance is around $1,780. The next major resistance levels are around $1,800 and $1,820. A break above resistance at $1,820 could start a decent recovery. In that scenario, prices could return to $1,850. Any more gains could set the stage for a move toward $1,900.
ETH loses more?
If Ethereum fails to break resistance at $1,820, it could continue to fall. Initial downside support is around $1,720.
The next major support level is around $1,700. A significant break below $1,700 could trigger a sharp decline. The next major support level could be $1,660. Any further losses could push prices to the $1,550 level in the short term.
Technical indicators
The HOURLY MACD -- ETH/USD MACD is now gaining momentum in the bearish zone.
RSI per hour -- ETH/USD RSI is now in oversold territory.
Key support at -$1,700
Main resistance at $1,820