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Ethereum
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Ethereum Price Vulnerable To More Losses If It Stays Below $1,920

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

Ethereum price extended its decline below $1,920 against the US Dollar. ETH could continue to move down if it breaks the $1,820 support zone.

  • Ethereum traded further lower below the $1,920 support.
  • The price is trading below $1,920 and the 100-hourly Simple Moving Average.
  • There was a break above a major bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it clears the $1,920 and $1,975 levels.

Ethereum Price Turns Red

Ethereum’s price gained bearish momentum after it settled below the $2,000 support. ETH extended its decline below the $1,950 and $1,920 support levels, similar to Bitcoin.

The bears even pushed the price below the $1,880 support. A low is formed near $1,827 and the price is now consolidating losses. Ether is now trading below $1,920 and the 100-hourly Simple Moving Average. Recently, there was a minor increase above $1,850. There was a break above a major bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,900 zone. It is close to the 23.6% Fib retracement level of the main drop from the $2,125 swing high to the $1,827 low. The next major resistance is near $1,920.

An upside break above $1,920 might send Ethereum toward $1,975 or the 50% Fib retracement level of the main drop from the $2,125 swing high to the $1,827 low. The next major resistance is near the $2,000 zone, above which the price may start a decent increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price could rise toward the $2,080 resistance. Any more gains could send Ether toward the $2,125 resistance in the near term.

More Losses in ETH?

If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,840 level.

The next major support is near the $1,820 zone or the recent low, below which ether price might gain bearish momentum. In the stated case, the price might decline toward $1,765. Any more losses may perhaps send the price toward $1,700.

Technical Indicators

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

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

Major Support Level – $1,820

Major Resistance Level – $1,920

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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