Ethereum Price Moves Toward $1,790
- Ethereum is trading below the $1,880 resistance and the 100-hourly Simple Moving Average.
- A short-term bearish trend line is forming with resistance near $1,840 on the hourly chart.
- The price could decline further toward the $1,790 support in the near term.
Key Points
- Ethereum remains below the key $1,920 resistance zone.
- The price is slowly moving lower, trading below $1,880 and $1,865 levels.
- A new weekly low below $1,840 has been reached.
- A consolidation phase is currently happening after reaching a low near $1,817.
- The price is trading below the 23.6% Fib retracement level.
- A short-term bearish trend line is forming with resistance near $1,840.
- If Ethereum stays above $1,820, it could see a potential rise.
- Immediate resistance is near the $1,845 level or the trend line.
- The next major resistance is near the $1,865 level and the 100-hourly Simple Moving Average.
- The key breakout zone is still near the $1,920 and $1,930 levels.
- The first key resistance is near the $1,880 level.
- If Ethereum fails to clear the $1,865 resistance, it could continue to move down.
- Initial support on the downside is near the $1,820 level.
- The next major support is near the $1,790 level.
Overall, Ethereum is currently facing resistance and is moving lower. The price may decline further toward the $1,790 support level. However, if Ethereum manages to stay above $1,820, it could potentially rise again. The key breakout zone remains near the $1,920 and $1,930 levels, and a close above $1,930 could start a fresh rally. On the other hand, if the price fails to clear the $1,865 resistance, it may continue to move down and find support near $1,790 or even $1,740. The MACD is currently showing bearish momentum, and the RSI is below the 50 level.