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Ethereum Price

Ethereum Price Indicators Show Vulnerability to Bigger Correction

Aayush Jindal by Aayush Jindal
1 month ago
in ETH
Reading Time: 2 mins read

Ethereum price started a fresh decline from the $1,940 resistance against the US Dollar. ETH retested $1,825 and is showing a few bearish signs.

  • Ethereum struggled to settle above the $1,925 and $1,940 resistance levels.
  • The price is trading below $1,880 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support near $1,895 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it clears the $1,800 support zone.

Ethereum Price Drops Again

Ethereum’s price started a fresh increase above the $1,850 zone. ETH struggled to settle above the $1,925 and $1,940 resistance levels, similar to Bitcoin at $29,500.

A high was formed near $1,939 and the price started a fresh decline. There was a sharp decline below the $1,900 and $1,880 levels. Besides, there was a break below a key bullish trend line with support near $1,895 on the hourly chart of ETH/USD.

A low is formed near $1,825 and the price is now consolidating losses. Ether price is now trading below $1,880 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $1,850 level. It is close to the 23.6% Fib retracement level of the recent decline from the $1,939 swing high to the $1,825 low. The next major resistance seems to be forming near $1,900 and the 100-hourly Simple Moving Average.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $1,939 swing high to the $1,825 low is also near the $1,900 level. A close above the $1,900 level might start a fresh increase. In the stated case, the price could rise toward the $1,940 resistance. Any more gains could send Ether toward the $2,000 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,825 level.

The next major support is near the $1,800 zone, below which ether price might drop toward the $1,740 support zone. Any more losses may perhaps take the price toward $1,700 in the near term.

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 well below the 50 level.

Major Support Level – $1,800

Major Resistance Level – $1,900

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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