Ethereum, the world’s second-largest cryptocurrency, is facing a challenging phase as it shows bearish signs and remains well below the crucial $1,920 resistance zone. With the price trading below $1,880 and the 100-hourly Simple Moving Average, investors are closely monitoring the market for potential bearish momentum.
According to the hourly chart of ETH/USD via Kraken, a significant bearish trend line is forming with resistance near $1,870. This trend line further reinforces the prevailing bearish sentiment in the market. Should Ethereum break the $1,840 support level, it could trigger a surge in bearish momentum.
The recent decline in Ethereum’s price began when it failed to overcome the significant hurdle at the $1,920 resistance zone. As a result, ETH dropped below the $1,880 level, entering a short-term bearish zone that mirrors Bitcoin’s current situation. The price even tested the $1,840 support level, reaching a low near $1,838 before consolidating its losses.
Ether continues to trade below $1,880 and the 100-hourly Simple Moving Average. Furthermore, forming a major bearish trend line with resistance near $1,870 on the hourly chart indicates the ongoing struggle for Ethereum’s price.
Immediate resistance is anticipated near the $1,865 zone, which aligns closely with the 76.4% Fib retracement level of the recent decline from the $1,882 swing high to the $1,838 low. Should the price break through the $1,865 and $1,880 resistance levels, Ether might experience a push toward the $1,900 mark.
For Ethereum to regain a stronger bullish momentum, it needs to surpass the next significant resistance level at $1,920. Should it successfully breach this level, the path toward $2,000 becomes more feasible, and further gains may lead the price toward the $2,120 resistance zone.
However, if Ethereum fails to surpass the $1,880 resistance, it may continue to move downwards. Initial support is expected near the $1,840 level, followed by a major support zone around $1,820. A close below $1,820 could potentially lead to further declines, with the price possibly testing the $1,800 support level. Ethereum might face levels around $1,740 or even $1,720 in more bearish scenarios in the coming sessions.
Technical indicators suggest that the bearish momentum is gaining strength, with the hourly MACD for ETH/USD firmly situated in the bearish zone. Additionally, the hourly RSI is currently below the 50 level, further reinforcing the prevailing bearish sentiment.
Ethereum is struggling to break key resistance levels, indicating bearish signs below the $1,920 mark. Traders and investors are closely watching the price action, awaiting a potential breakout or further downward movement in the market.
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