The price of Ethereum has started a new downward trend, and it is currently trading at less than $1,900.
The current price is less than $1,880, which is also below the 100 hourly simple moving average.
There is the beginning of a substantial downward trend line building on the hourly chart of ETH/USD, with resistance located close to $1,880.
If there is a clear break below $1,800, it is possible that the pair may continue to trend lower. At this point, the upward trend in Ethereum is at risk, and the only thing that can save it is a price increase that is greater than $1,900.
Chart of the price of Ethereum over the past 24 hours. CoinGecko is the cited source.
The price of Ethereum has dropped into the red.
Ethereum's value started to decline once it breached the $1,900 milestone and then fell below that level. The bears were put under more stress after ETH prices dropped below the $1,850 support level.
Even though the bears were successful in driving the price below $1,820, it continued to trade at a premium to $1,800. A support level has been established close to $1,806, and the price is currently consolidating its previous losses. At the moment, the price of ether is trading lower than $1,880, which is also below the 100-hourly simple moving average.
On the positive side, there is a short-term hurdle located at the $1,840 mark. It is quite close to the 23.6% Fib retracement of the most recent drop, which started at the swing high of $1,955 and ended at the low of $1,806.
The first significant point of resistance has already begun to materialize close to the $1,880 mark and the 100 hourly simple moving average. There is the beginning of a substantial downward trend line building on the hourly chart of ETH/USD, with resistance located close to $1,880. The price drop from the swing high of $1,955 to the low of $1,806 is nearly retraced by 50% along the trend line, which is close to the level of the 50% Fibonacci retracement.
In the event that the price decisively breaks above the resistance level at $1,880, it is possible that it will then move above the level at $1,900. When the price breaks through the next major barrier, which is located at $1,920, it has a chance of entering the positive zone.
More Losses?
It is possible that the price of Ethereum will continue to decline if it is unable to break past the ceiling of $1,880. In the event that prices go lower, the initial support level is located at $1,800.
The price of ether may start to decline once it falls below $1,780, which is the next important support level. According to the previously described scenario, the cost might drop to $1,750. If there are any additional losses, it might open the door for a move closer to the $1,650 barrier.
