TA: Ethereum Drops 7%, Why ETH Topside Bias Vulnerable

Ethereum gained bearish momentum after it broke the $1,920 support against the US Dollar. ETH might extend losses if it breaks the $1,760 support. Ethereum started a fresh decline after it broke the $1,920 support. The price is now trading below $1,900 and the 100 hourly simple moving average. There was a break below a major contracting triangle with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken). The pair tested the $1,760 support and remains at a risk of more losses. Ethereum Price Reverses Gains Ethereum failed to clear the $2,000 resistance zone. There was a sharp bearish reaction below the $1,950 and $1,920 support levels. There was a break below a major contracting triangle with support near $1,900 on the hourly chart of ETH/USD. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $1,705 swing low to $2,015 high. Ether price declined below the $1,840 support and even dived below $1,800. It tested the next major support at $1,760. It is now correcting gains and trading above $1,800. The price is also trading near the 23.6% Fib retracement level of the recent decline from the $2,015 swing high to $1,762 low. On the upside, an initial resistance is near the $1,835 level. The next major resistance is near the $1,888 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $2,015 swing high to $1,...