Is Ethereums Price Drop a Buying Opportunity or the Start of a New Decline?

Is Ethereums Price Drop a Buying Opportunity or the Start of a New Decline?


Ethereum’s price extends losses as it fails to recover above $1,850 resistance zone and continues to move down towards the $1,720 and $1,700 support levels, with immediate resistance near $1,785 and $1,820.

  • Ethereum (ETH) is as of now moving lower below the $1,820 support zone.
  • The price is trading below $1,800 and the 100-hourly Simple Moving Average.
  • There are two bearish tendency lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue lower toward the $1,720 and $1,700 levels.

Ethereum (ETH) Price Extends Losses

Ethereum’s price failed to recover over the $1,850 resistance zone. Ethereum (ETH) started a fresh decline and traded below the $1,820 support zone, similar to Bitcoin.

The decline gained pace below the $1,800 level. The price tested the $1,760 zone. A low is formed near $1,761 and the price is now consolidating losses. Ether is trading below $1,800 and the 100-hourly Simple Moving Average. There are likewise two bearish tendency lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD.

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Immediate resistance is near the $1,785 zone and the 1st tendency line. It is next to the 23.6 percent Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low.

The 1st major resistance is near the $1,820 level and Second the tendency line. It is next to the 50 percent Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low. A close over the $1,820 resistance could send Ether toward $1,850.

Source: ETHUSD on TradingView.com

The following resistance sits near $1,880, over which Ethereum (ETH) could boost toward $1,920. Any more profits over the $1,920 resistance zone could start a steady increase toward the $2,000 resistance.

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More Losses in ETH?

If Ethereum (ETH) fails to clear the $1,820 resistance, it  can potentially continue to move down. Initial support on the downside is near the $1,760 level.

The following major support is near the $1,720 zone. The main support may be near $1,700. If there is a close below the $1,700 support, the price could accelerate lower. In the stated case, the price can potentially fall toward the $1,640 support zone. Any more losses may perhaps send the price toward the $1,600 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is below the 50 level.

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Major Support Level – $1,760

Major Resistance Level – $1,820

Source

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