Ethereum Price Dips Again
Ethereum is currently trading below the $1,850 resistance level and the 100-hourly Simple Moving Average. There is a key contracting triangle forming with support near $1,840 on the hourly chart of ETH/USD. If the price fails to close above the $1,860 resistance, it could drop towards $1,800.
Key Points:
- Ethereum’s price remains below the $1,860 resistance zone.
- ETH topped near $1,853 and declined below $1,840.
- A low is formed near $1,837, and the pair is now consolidating losses.
- The price is trading below $1,850 and the 100-hourly Simple Moving Average.
- The first major support is near the $1,835 zone.
If Ethereum fails to clear the $1,850 resistance, it could continue to move down. The first major support is near the $1,835 zone, and if that is broken, there could be more losses towards the $1,800 support level. The technical indicators suggest bearish momentum with the MACD and RSI in the bearish zone.
Hot Take: Ethereum’s price is currently struggling to break above key resistance levels and is at risk of further losses. The $1,835 support level is crucial for the bulls to defend, otherwise, the price could decline towards $1,800. Crypto readers should closely monitor the price action and key support and resistance levels to gauge the future direction of Ethereum.
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