Ethereum Price is Plunging, But It’s Too Early to Say Uptrend Is Over
Ethereum price extended its decline below the $1,850 level against the US Dollar. ETH could continue to move down if it stays below the $1,880 resistance.
Ethereum remained in a bearish zone and traded below $1,850.
The price is trading below $1,850 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it stays below $1,850 and $1,880.
Ethereum Price Extends Decline
Ethereum’s price settled below the $1,880 pivot level to move into a bearish zone. ETH extended its decline and traded below the $1,850 support, similar to Bitcoin at $28,000.
The price traded close to the $1,800 level. A low is formed near $1,805 and the price is consolidating losses. It is trading below $1,850 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,835 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low.
The next major resistance seems to be forming near $1,880 and the 100-hourly Simple Moving Average. The 50% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low is also near the $1,880 level.
Source: ETHUSD on TradingView.com
A close above the $1,880 level might start a fresh increase. In the stated case, the price could rise toward the $1,920 resistance. Any more gains could send Ether toward the $1,940 resistance. The main hurdle is now forming near the $2,000 zone, above which the price could gain bullish momentum.
More Losses in ETH?
If Ethereum fails to clear the $1,835 resistance, it could continue to move down. Initial support on the downside is near the $1,800 level.
The next major support is near the $1,780 zone, below which ether price might drop toward the $1,740 support zone. Any more losses may perhaps take the price toward $1,700 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 below the 50 level.
Major Support Level – $1,800
Major Resistance Level – $1,880
Filed under: Bitcoin - @ May 2, 2023 4:17 am