• Ethereum price is currently facing bearish momentum below the $1,900 resistance against the US Dollar.
• There is a key bearish trend line forming with resistance near $1,910 on the 4-hour chart.
• The next major resistances are near the $1,900 and $1,940 levels.
Ethereum Price Analysis
Ethereum price is declining below $1,920 against the US Dollar and is at risk of more downsides below the $1,800 support zone. There is a key bearish trend line forming with resistance near $1,910 on the 4-hour chart.
Ethereum struggled to clear the $1,950 resistance zone against the US Dollar over this past week. The pair attempted a few times but failed at this level and started a fresh decline. It dropped below both the $1,900 and $1,880 support levels before spiking to a low of $1805. ETH/USD is now consolidating losses after hitting this low point.
The price is now facing resistance near the $1870 level which coincides with 50% Fibonacci retracement level of recent decline from high to low points. The next major resistances are near both at the psychological level of $1900 as well as around$1940 zone as per 4-hour chart data feed from Coinbase exchange platform.
If Ether fails to break above these resistances then it could drop further down towards initial support at around$1800 mark where there may be buyers waiting in order to stop further slide in prices; however if this fails then next major downside target could be around$1720 mark which should be closely monitored by traders who are long in ethers or holding them for long term investment purposes as further slide beyond this may even push prices towards unthinkable levels below$1650 mark in short run or mid-term basis respectively .
Overall Ethereum price remains under bearish pressure for now although there could be some signs of recovery but it will likely face sellers near its current resistances that lie between$1900 – 1940 range on 4 hour chart analysis from coinbase exchange platform respectively .