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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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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

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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