Warning: Ethereum Price Could Drop to Critical Support Range

Warning: Ethereum Price Could Drop to Critical Support Range


Ethereum’s price fails to break through the $1,880 resistance zone, causing a decline towards $1,790 and $1,780 levels, while facing resistance near $1,840 on the hourly chart of ETH/USD.

  • Ethereum (ETH) is as of now moving lower from the $1,880 resistance zone.
  • The price is trading below $1,830 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish tendency line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower toward the $1,790 and $1,780 levels.

Ethereum (ETH) Price Fails Again

Ethereum’s price attempted a fresh increase over the $1,850 resistance zone. Nonetheless, Ethereum (ETH) bears remained active near the $1,880 level and the price started another decline, similar to Bitcoin.

The price declined from the $1,873 high and traded below the $1,850 support. There was a clear move below the 50 percent Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high. Ether price is now trading below $1,830 and the 100-hourly Simple Moving Average.

READ NOW
TEXTBOOK BITCOIN PATTERN IN PLAY! (STILL VALID?)

There is likewise a connecting bearish tendency line forming with resistance near $1,840 on the hourly chart of ETH/USD. Immediate resistance is near the $1,830 zone and the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The 1st major resistance is near the $1,840 level and the tendency line. A close over the $1,840 resistance could send Ether toward $1,880. The following resistance sits near $1,920, over which Ethereum (ETH) could boost toward $2,000. Any more profits over the $2,000 resistance zone could start a steady increase toward the $2,120 resistance.

More Losses in ETH?

If Ethereum (ETH) fails to clear the $1,840 resistance, it  can potentially continue to move down. Initial support on the downside is near the $1,810 level and the 76.4 percent Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high.

READ NOW
From Bikini Bottom to the Moon: Spongebobs Meme Coin Takes on Dogecoin!

The following major support is near the $1,790 zone. The main support sits at $1,770. If there is a close below the $1,770 support, the price could gain bearish momentum. In the stated case, the price can potentially fall toward the $1,720 support zone. Any more losses may perhaps spark a move toward the $1,650 support zone in the coming sessions.

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.

Major Support Level – $1,775

Major Resistance Level – $1,840

Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend