Ethereum Price Turns Red
Ethereum is currently trading below key resistance levels, indicating a bearish trend. The price is below $1,850 and the 100-hourly Simple Moving Average. A short-term rising channel with support near $1,845 was broken, suggesting a potential drop in the price if it remains below the $1,860 resistance.
Key Points:
- Ethereum’s price struggled to clear the $1,860 resistance zone.
- A bearish trend similar to Bitcoin has emerged.
- The price tested the $1,830 zone and is now attempting a recovery.
- Immediate resistance is near the $1,850 level, with major resistance levels at $1,860 and $1,880.
- A close above $1,880 could lead to further price gains.
More Losses in ETH?
If Ethereum fails to break the $1,860 resistance, it may continue to decline. The initial support level is near $1,835, followed by the $1,820 zone. A failure to protect the $1,820 support could result in a sharp decline towards the $1,780 level. Further losses could push the price towards $1,720 in the near term.
Technical Indicators
The MACD indicator for ETH/USD is showing a loss of momentum in the bearish zone. The RSI indicator is below the 50 level, signaling a bearish sentiment.
Hot Take: Ethereum is facing resistance at $1,860 and needs to break this level to regain bullish momentum. Failure to do so could lead to further losses towards $1,780.
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