Ethereum

Ethereum Could Take A Hit – Bulls Weaken


Ethereum could take a hit, especially as the bullish market weakens as market indicators show. When compared to the US dollar, Ethereum’s losses widened below the $1,850 level of support. If there is a definitive move below the $1,800 mark, ETH may fall even more.

From the $1,950 barrier area, Ethereum started to drop once more.

Currently, the price is trading below both the 100 hourly simple moving average and the $1,900 mark.

On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance close to $1,920.

If there is a noticeable decline below the $1,800 mark, the pair may start trending downward.

Ethereum Coul Take A Hit – Price Is Still In Danger

Ethereum stayed below the $2,000 resistance zone in a bearish zone. ETH dropped below the $1,850 support level and entered a more bearish territory.

The $1,820 level provided resistance to the fall. The price of ether is currently recouping losses above $1,820. At this time, it is trading below both the 100 hourly simple moving average and $1,900. The bears are aggressive near the 23.6% Fib retracement level of the recent slide from the swing high of $1,956 to the low of $1,820.

Close to the $1,885 level and the 100 hourly simple moving average is where the upside will first encounter resistance. It is very close to the 50% Fib retracement level of the most recent collapse from the swing high of $1,956 to the low of $1,820.

The $1,900 and $1,920 levels are currently where the primary resistance is building. On the hourly chart of ETH/USD, there is also a significant bearish trend line forming with resistance close to $1,920. The price may advance toward the $1,950 level if there is a clear move above the $1,920 resistance.

The price needs to surpass $1,950 in order to enter the positive zone. In the aforementioned scenario, the cost can increase to $2,000 or higher.

Ethereum Could Take A Hit – Bulls Weaken
Ethereum price chart – 24 hours. Source: CoinGecko

More Losses?

Ethereum may keep falling if it is unable to go past the $1,920 resistance. Near the $1,820 region is the first area of support on the downside.

Near $1,800 is the next significant support, below which there may be further declines. In the aforementioned scenario, the price of ether might drop to around $1,760. Any additional losses might pave the way for a move in the direction of the $1,700 mark.

Read the latest crypto news.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]



Source link

I show You how I made $1,006 from $100, then $257,000 from $1,006 with Bitcoin and cryptocurrencies!