Ethereum price still dropping.

The price of Ethereum against the US Dollar has experienced a bearish momentum, dropping below $1,860. There are several bearish signals indicating that it may drop further to $1,720. Currently, Ethereum is down over 4% and trading below $1,900. It is trading below $1,840 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a break below a connecting bullish trend line with support near $1,900. The pair could continue to move down toward the $1,720 and $1,700 levels.

Ethereum’s price failed to clear the $1,920 resistance, starting a strong decline below the $1,900 and $1,880 levels to move into a bearish zone. The bears were able to push the price below the key $1,840 support, and there was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD. The price is down over 4% and it traded close to the $1,775 support.

Ether is now trading below $1,840 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,840 zone. The next major resistance is near the $1,850 level or the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low. A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900. The next resistance sits near $1,920, above which Ethereum could rise toward $1,965. Any more gains above the $1,965 resistance zone might send the price toward the $2,000 resistance.

If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,775 level. The next major support is near the $1,740 zone. If there is a break below the $1,740 support, the price could decline toward the $1,700 support. Any more losses may perhaps send the price toward the $1,660 level or even $1,640.

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The hourly MACD for ETH/USD is gaining momentum in the bearish zone, and the hourly RSI for ETH/USD is below the 50 level. The major support level is $1,775, and the major resistance level is $1,850.