Ethereum Price Extends Losses
Ethereum is currently experiencing a bearish trend, as it fails to recover above the $1,850 resistance zone. The price has dropped below $1,820 and is trading below the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance near $1,820 on the hourly chart of ETH/USD. If the price remains below $1,850, it is likely to drop further in the coming days.
Key Points:
- Ethereum’s price fails to recover above $1,850 resistance.
- The price is trading below $1,820 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance near $1,820 on the hourly chart.
- The price could drop further if it stays below $1,850.
More Losses in ETH?
If Ethereum is unable to clear the $1,820 resistance, it is likely to continue moving down. The initial support on the downside is near the $1,780 level, followed by a major support zone around $1,750. If the bulls fail to protect the $1,750 support, there could be even more losses, with the next major support near the $1,720 level. The hourly MACD is gaining momentum in the bearish zone and the RSI is below the 50 level.
Hot Take:
Ethereum’s price is facing significant resistance and is currently in a bearish trend. If it fails to break above the resistance levels, we can expect further losses in the near term. It is important for investors to closely monitor the price movement and key support levels to make informed decisions.
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