Ethereum Price Consolidates Below $1,900: What Could Trigger A Sharp Decline?
Ethereum price is moving lower from the $1,900 resistance against the US Dollar. ETH could decline heavily if there is a clear move below the $1,800 support.
Ethereum is still struggling to clear the $1,900 and $1,920 resistance levels.
The price is trading below $1,880 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,855 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could still struggle to clear the $1,900 resistance zone.
Ethereum Price Dips Again
Ethereum’s price started a fresh increase from the $1,775 zone. ETH climbed above the $1,850 resistance but the bears were again active near the $1,900 zone, similar to Bitcoin.
A high is formed near $1,898 and the price is now moving lower. There was a break below the $1,850 support zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $1,777 swing low to the $1,898 high.
Ether is now trading below $1,880 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,855 on the hourly chart of ETH/USD.
It is now holding the $1,820 support and the 61.8% Fib retracement level of the upward move from the $1,777 swing low to the $1,898 high. Immediate resistance is near the $1,855 zone and the trend line. The next major resistance is near the $1,900 level or the recent high.
Source: ETHUSD on TradingView.com
A proper move above the $1,895 and $1,900 resistance levels might send Ether toward $1,920. The next resistance sits near $1,950, above which Ethereum could rise toward $2,000. Any more gains above the $2,000 resistance zone might send the price toward the $2,040 resistance.
More Downsides in ETH?
If Ethereum fails to clear the $1,855 resistance, it could continue to move down. Initial support on the downside is near the $1,820 level.
The next major support is near the $1,800 level. If there is a break below the $1,800 support, the price could decline toward the $1,740 support. Any more losses may perhaps send the price toward the $1,700 level or even $1,660 in the coming sessions.
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 – $1,800
Major Resistance Level – $1,900
Filed under: Bitcoin - @ June 8, 2023 2:48 am