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Ethereum Price
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Ethereum Price Just Signaled “Sell” And It’s Vulnerable to More Losses

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

Ethereum price started a fresh decline below the $1,920 level against the US Dollar. ETH could extend losses if there is a clear move below the $1,840 support.

  • Ethereum is moving lower from the $1,940 resistance zone.
  • The price is trading below $1,900 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if there is a clear move below $1,840.

Ethereum Price Takes Hit

Ethereum’s price struggled to clear the $2,000 resistance zone and started a fresh decline. ETH traded below the $1,920 and $1,900 support levels to enter a bearish zone, similar to Bitcoin.

The price even traded close to $1,840. A low is formed near $1,843 and the price is now consolidating losses. It is trading below $1,900 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,890 level. It is close to the 50% Fib retracement level of the recent decline from the $1,936 high to the $1,843 low.

The next major resistance seems to be forming near the trend line and $1,900. The main resistance is near $1,915 or the 76.4% Fib retracement level of the recent decline from the $1,936 high to the $1,843 low. A close above the $1,915 resistance zone could send Ethereum toward the $1,940 resistance.

Ethereum Price

Source: ETHUSD on TradingView.com

Any more gains might start a decent increase toward the $2,000 resistance. In the stated case, the price may even rise toward the $2,050 resistance. The next key resistance is near $2,120.

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 $1,840 level or the recent low.

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 the $1,700 level 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 now below the 50 level.

Major Support Level – $1,840

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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