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Ethereum

Ethereum Price Grinds Lower and Turns At Risk of A Larger Decline

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

Ethereum price is moving lower from the $1,840 resistance against the US Dollar. ETH is now at a risk of a move towards the $1,620 support zone.

  • Ethereum is struggling and moving lower from the $1,840 zone.
  • The price is trading below $1,750 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $1,765 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further if there is a clear move below the $1,720 support.

Ethereum Price Dips Further

Ethereum price failed to gain pace for a move above the $1,850 resistance zone. ETH formed a double top pattern near the $1,850 level and recently started a downside correction, similar to bitcoin.

There was a move below the $1,780 and $1,760 support levels. Besides, there was a break below a major bullish trend line with support near $1,765 on the hourly chart of ETH/USD. The pair even traded below the $1,740 support zone.

Ether price is now trading below $1,750 and the 100 hourly simple moving average. A low is formed near $1,728 and the price is now consolidating losses.

On the upside, the price is facing resistance near the $1,755 zone and the 100 hourly simple moving average. It is near the 23.6% Fib retracement level of the recent decline from the $1,845 swing high to $1,728 low. The next major resistance is near the $1,780 zone.

Ethereum Price

Source: ETHUSD on TradingView.com

The first major resistance is near $1,800 or the 61.8% Fib retracement level of the recent decline from the $1,845 swing high to $1,728 low. A close above the $1,800 resistance zone might start another major increase. In this case, the price may perhaps rise towards the $1,880 resistance level. Any more gains might send the price towards $1,920.

More Losses in ETH?

If ethereum fails to clear the $1,780 resistance, it could continue to move down. An initial support on the downside is near the $1,730 level.

The next major support is near the $1,695 zone. If there is a break below $1,695, the price might drop towards $1,620. Any more losses might call for a test of the $1,550 level.

Technical Indicators

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

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

Major Support Level – $1,730

Major Resistance Level – $1,780

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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