Ethereum Price Dips Again
Ethereum’s price is facing resistance near the $1,880 level and has started a downward correction. It is currently trading below $1,850 and the 100-hourly Simple Moving Average. There is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH/USD. If the price fails to clear this resistance, it could continue to move down.
Key Points:
- Ethereum struggled to clear the $1,880 resistance zone and started a downside correction.
- The price is trading below $1,850 and the 100-hourly Simple Moving Average.
- A bullish flag pattern is forming with resistance near $1,855 on the hourly chart.
- The first major resistance is near the $1,872 level, followed by $1,880.
- If the price fails to clear the $1,855 resistance, it could drop towards the $1,820 support level.
If Ethereum fails to clear the $1,855 resistance, it could continue to move down. The immediate support on the downside is near the $1,840 level or the 50% Fib retracement level. The first major support is near the $1,830 zone or the channel lower trend line. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,800 level.
Hot Take:
Ethereum’s price is facing resistance and may continue to move down if it fails to clear the $1,855 level. The immediate support is at $1,840, followed by $1,830 and $1,820. However, if the price manages to break above the resistance levels, it could see a steady increase and potentially reach $2,000 or higher.
By
By
By
By
By