Ethereum Price Turns Red
Ethereum’s price is slowly moving lower below the $1,850 and $1,840 resistance levels. It is currently trading below $1,840 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a key bearish trend line forming with resistance near $1,835. The pair could potentially drop further below the $1,800 support in the near term.
Key Points:
- Ethereum’s price struggled to recover above the $1,860 resistance zone.
- ETH remained in a bearish zone and declined below the $1,850 level.
- A low is formed near $1,811 and the price is now consolidating losses.
- The price might face resistance near the $1,835 level or the trend line.
- The first major support is near the $1,800 zone.
More Losses in ETH?
If Ethereum fails to clear the $1,840 resistance, it could continue to move down. The initial support on the downside is near the $1,810 level. The first major support is near the $1,800 zone. If the bulls fail to protect the $1,800 support, there could be more losses. The next major support is near the $1,760 support level. Any further losses might send the price toward the $1,720 level in the near term.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bearish zone. The RSI for ETH/USD is now below the 50 level.
Hot Take: Ethereum’s price is facing strong resistance near the $1,840 level and the 100-hourly Simple Moving Average. If it fails to break above this resistance, the price could continue to decline, with the next major support level near $1,800. Traders should closely monitor the price action for potential further losses in the near term.
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