Ethereum uptrend is vulnerable according to key market indicators. It has continued to fall below the $1,820 support level versus the US dollar. If ETH does not begin a recovery wave over $1,900, it may fall much deeper.
Ethereum has begun a new drop, trading below the $1,900 mark.
The price has dropped below $1,880 and the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $1,880.
If there is a definite move below $1,800, the pair might continue to fall. For the time being Ethereum uptrend is vulnerable and only a surge past $1,900 can save it.
The Ethereum Price Has Turned Red
After falling below the $1,900 threshold, Ethereum began to fall. ETH fell below the $1,850 support level, putting more pressure on the bulls.
The bears even pushed the price below $1,820, but the price remained above $1,800. The price has created a bottom near $1,806, and it is presently consolidating losses. The price of ether is currently trading below $1,880 and the 100-hourly simple moving average.
On the upside, an immediate barrier is at the $1,840 mark. It is close to the 23.6% Fib retracement of the latest slide from the $1,955 swing high to the $1,806 low.
Near the $1,880 mark and the 100 hourly simple moving average, the first big resistance is already emerging. On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $1,880. The trend line is close to the 50% Fib retracement level of the current collapse from the swing high of $1,955 to the low of $1,806 in price.
A decisive break above the $1,880 resistance level might perhaps take the price above the $1,900 level. The next big barrier is at $1,920, over which the price may perhaps go into the positive zone.
More Losses?
If Ethereum fails to break through the $1,880 limit, it could go on falling. On the downside, an initial support level is $1,800.
The next key support is at $1,780, below which the price of ether may begin to fall. In the aforementioned scenario, the price may fall to $1,750. Any more losses might pave the way for a move towards the $1,650 mark.
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