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Ethereum
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Ethereum Price Bearish Breakdown – Why Drop Isn’t Over Yet

Aayush Jindal by Aayush Jindal
4 months ago
in ETH
Reading Time: 2 mins read

Ethereum price gained bearish momentum below $1,860 against the US Dollar. ETH is showing a lot of bearish signs and might drop to $1,720.

  • Ethereum is down over 4% and trading well below $1,900.
  • The price is trading below $1,840 and the 100-hourly Simple Moving Average.
  • There was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down toward the $1,720 and $1,700 levels.

Ethereum Price Drops Over 4%

Ethereum’s price failed to clear the $1,920 resistance. ETH started a strong decline below the $1,900 and $1,880 levels to move into a bearish zone, similar to Bitcoin.

The bears were able to push the price below the key $1,840 support. Besides, there was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD.  The price is down over 4% and it traded close to the $1,775 support.

A low is formed near $1,777 and the price is now consolidating losses. It is slowly moving higher above the 23.6% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low.

Ether is now trading below $1,840 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,840 zone. The next major resistance is near the $1,850 level or the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900. The next resistance sits near $1,920, above which Ethereum could rise toward $1,965. Any more gains above the $1,965 resistance zone might send the price toward the $2,000 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,775 level.

The next major support is near the $1,740 zone. If there is a break below the $1,740 support, the price could decline toward the $1,700 support. Any more losses may perhaps send the price toward the $1,660 level or even $1,640.

Technical Indicators

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

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

Major Support Level – $1,775

Major Resistance Level – $1,850

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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