Ethereum Price Struggles Below $1,900 – Can Bulls Save the Day?

2023-07-25 04:14:51

Ethereum price is showing bearish signs below the $1,900 resistance against the US Dollar. ETH could extend its decline toward the $1,780 support.

Ethereum is showing bearish signs below the $1,900 level.
The price is trading below $1,880 and the 100-hourly Simple Moving Average.
There is a short-term bullish trend line forming with support near $1,845 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further toward the $1,825 and $1,780 levels.

Ethereum Price Drops Further

Ethereum’s price remained in a bearish zone below the $1,900 level. ETH struggled to recover and extended its decline below the $1,880 level, similar to Bitcoin.

The price declined below the $1,850 support level. A new weekly low is formed near $1,832 and the price is now consolidating losses. There was a minor recovery wave above the $1,850 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,904 swing high to the $1,832 low.

Ether is now trading below $1,880 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support near $1,845 on the hourly chart of ETH/USD.

On the upside, immediate resistance is near the $1,870 level. It is close to the 50% Fib retracement level of the recent decline from the $1,904 swing high to the $1,832 low. The first major resistance is near the $1,880 level or the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,900 zone, above which the price might start a decent increase toward the $1,920 hurdle. Any more gains could send Ether toward the $2,000 resistance in the near term. An intermediate resistance might be $1,945.

More Losses in ETH?

If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,845 level and the trend line.

The first major support is near the $1,825 level, below which the price might gain bearish momentum. The next major support is near the $1,780 support level. Any more losses could open the doors for a move toward the $1,720 level in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,825

Major Resistance Level – $1,880

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