• Ethereum price is losing bearish momentum below the $1,880 resistance against the US Dollar.
• ETH price is now trading below $1,850 and the 55 simple moving average (4 hours).
• The pair could continue to move down if it stays below $1,850 and $1,880.
Ethereum Price Analysis
Ethereum price has been in a downward trend since hitting a high of $2,020 against the US Dollar. It recently broke through a key bearish trend line with resistance near $1,820 on the 4-hour chart (data feed from Coinbase). Currently, ETH/USD is trading below its 55 simple moving average (4 hours) and has downside risk towards the support at $1,740 or even lower at $1,700.
If Ethereum managed to break above the resistance at $1,880 or 50% Fibonacci retracement level of the downward move from the swing high of $2,020 to its low of $1737. This could open up further upside potential towards the next major resistance levels at around $1,920 and even higher towards $2K or more.
On Ethereum’s downside there are significant support levels at around 1$740 and even lower at 1$700. If ETH fails to hold these supports then it could see further losses over time with possible targets near 1$650 or even lower in extreme scenarios.
The 4 hour MACD for ETH/USD is now gaining momentum in bearish zone while RSI (Relative Strength Index) is currently below 50 which suggests that there may still be some room for further downwards movement in coming days.
Overall Ethereum price remains bearish as long as it stays below both resistances of 1$850 and 1$880 with downside risks that could take it towards critical support levels near 1$740 or even lower at 1$700.