Ethereum Price at Risk of Extended Decline as Bears Regain Control
Trending Articles- Today’s Market Recap: US and Iran Signal Willingness to End Conflict, Three Major US Stock Indexes Surge, Dollar Ends Five-Day Winning Streak
- Trump Withdrawal Intent Reshapes Liquidity, Bitcoin Breaks $68,000 Mark
- Trump National Address ‘About-Face,’ Bitcoin Slumps Back to $66,000
- Gold Second-Quarter Outlook: Safe-Haven Failure or Pricing Logic Reshaping? Can Gold Enter a Major Rally?
- Gold Price Forecast: XAU/USD opens lower around $4,450 on fears of widening Iran conflicts
- USD/JPY Hits 160.00 Mark, Will Japanese Government Intervene? Will the Currency’s Rally Be Contained?
Ethereum price started a downside correction below the $1,850 zone. ETH is now consolidating and might drop further below the $1,785 support zone.
Ethereum started a fresh decline below the $1,850 and $1,820 levels.
The price is trading below $1,800 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $1,830 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it breaks the $1,785 support level.
Ethereum Price Struggles To Clear Resistance
Ethereum price failed to clear the $1,880 resistance and started a downside correction, like Bitcoin. ETH declined below the $1,850 and $1,820 support levels.
There was a move below the 50% Fib retracement level of the upward move from the $1,734 swing low to the $1,872 high. The bears even pushed the price below the $1,800 level, but the price found support near the $1,785 support level.
Ethereum price is now trading below $1,800 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $1,830 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $1,820 level. The next key resistance is near the $1,830 level and the trend line. The first major resistance is near the $1,880 level.
A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $1,830 resistance, it could start a fresh decline. Initial support on the downside is near the $1,785 level and the 61.8% Fib retracement level of the upward move from the $1,734 swing low to the $1,872 high. The first major support sits near the $1,750 zone.
A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,685 support level in the near term. The next key support sits at $1,640.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,765
Major Resistance Level – $1,830
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
