Ethereum’s price is gradually sliding below the $1,880 mark against the US Dollar, with the cryptocurrency still vulnerable to a potential drop towards the $1,790 support level.
Ethereum Price Moves Towards $1,790
Despite the recent market activity, Ethereum’s price has remained below the critical resistance zone of $1,920. ETH has experienced a gradual decline below the levels of $1,880 and $1,865, and it even reached a new weekly low below $1,840, a contrast to the performance of Bitcoin.
At present, the price has formed a low around $1,817 and is currently consolidating its losses. Trading below the 23.6% Fibonacci retracement level of the most recent drop, starting from the $1,912 swing high to the $1,817 low, Ethereum’s hourly chart shows the formation of a short-term bearish trend line with resistance approximately at $1,840.
Ether is displaying bearish indications below both $1,880 and the 100-hourly Simple Moving Average. However, if Ethereum manages to hold above the $1,820 level, there is a possibility of a potential recovery.
The immediate resistance level is around $1,845, represented by the trend line. Following this, the next significant resistance is near the $1,865 level and the 100-hourly Simple Moving Average. This level closely aligns with the 50% Fibonacci retracement level of the recent drop, starting from the $1,912 swing high to the $1,817 low.
Source: ETHUSD on TradingView.com
The first crucial resistance level lies near $1,880, while the major breakout zone remains at approximately $1,920 and $1,930. If the price manages to close above the $1,930 zone, it could initiate a fresh rally. Subsequently, the next resistance level would be around $2,000, and a further upward movement could potentially push Ether towards the $2,050 mark. In the event of sustained gains, Ethereum could aim for the $2,120 resistance level.
More Losses in ETH?
Failure to breach the $1,865 resistance level may result in Ethereum’s continuation of its downward movement. Initial support on the downside can be found near the $1,820 level.
The subsequent significant support is situated at approximately $1,790. A breach below $1,790 might lead to a further drop towards $1,740. Extended losses could potentially push the price towards the $1,720 support level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is exhibiting an increase in bearish momentum.
Hourly RSI – The RSI for ETH/USD has now dropped below the 50 level.
Major Support Level – $1,790
Major Resistance Level – $1,865
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