Ethereum price gained bearish momentum below $1,860 against the US Dollar. ETH is showing a lot of bearish signs and might drop to $1,720.
Ethereum is down over 4% and trading well below $1,900.
The price is trading below $1,840 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down toward the $1,720 and $1,700 levels.
Ethereum Price Drops Over 4%
Ethereum’s price failed to clear the $1,920 resistance. ETH started a strong decline below the $1,900 and $1,880 levels to move into a bearish zone, similar to Bitcoin.
The bears were able to push the price below the key $1,840 support. Besides, 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.
A low is formed near $1,777 and the price is now consolida
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