Ethereum Price Drops To $1,840 As Selling Pressure Continues

Ethereum's price started a fresh decline and slipped below $1,950. $ETH is now consolidating below $1,920 and may continue to move down, as $2,000 apparently wasn't in the cards. Ether remains in a bearish zone after its latest break below $1,950, trading beneath the $1,950 level and the 100-hourly Simple Moving Average. There was a break below a contracting triangle with support at $1,975 on the hourly chart of $ETH/USD (data feed via Kraken), and the pair could continue lower if it fails to reclaim the $2,000 zone.

Ethereum Price Extends Decline

Ethereum failed to hold steady above $2,000 and kicked off a fresh decline, mirroring Bitcoin's slide. $ETH price dipped below both $1,980 and $1,950, with a break below a contracting triangle at $1,975 on the hourly chart of $ETH/USD. The price even traded below $1,920. A low formed at $1,836, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $2,003 swing high to the $1,836 low.

Ethereum is trading below $1,950 and the 100-hourly Simple Moving Average. If the bulls remain active above $1,840, the price could attempt another move higher. Immediate resistance is seen near the $1,880 level. Source: ETHUSD on TradingView.com

The first key resistance is near the $1,900 level. The next major resistance is near the $1,920 level, which also lines up with the 50% Fib retracement level of the downward move from the $2,003 swing high to the $1,836 low. A clear move above the $1,920 resistance could send the price toward $1,950. An upside break above the $1,950 region might call for more gains in the coming days. In that case, Ether could rise toward the $2,000 resistance zone or even $2,020 in the near term.

More Downside In $ETH?

If Ethereum fails to clear the $1,950 resistance, it could start a fresh decline. Initial support on the downside is near the $1,840 level. The first major support sits near the $1,820 zone. A clear move below the $1,820 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,740 region, with the main support pegged at $1,720.

Technical Indicators

Hourly MACD – The MACD for $ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for $ETH/USD is now below the 50 zone. Major Support Level – $1,840 Major Resistance Level – $1,950