Ethereum Price Plummets: Current ETH Price Analysis for Traders!

  • Ethereum is currently moving downwards from the $1,880 resistance level.
  • The price is trading below $1,830 and the 100-hour Simple Moving Average.
  • There is a connected downward trend line with resistance around $1,840 on the hourly ETH/USD chart.

Ethereum price failed to surpass $1,880 and declined. ETH is struggling but may continue to fall towards the $1,790 support.

Current Ethereum (ETH) Price Analysis

Ethereum’s price attempted a new increase above the $1,850 resistance zone. However, ETH bears remained active near the $1,880 level and the price fell again, similar to Bitcoin.

The price fell below $1,850 support by dropping from above $1,873. The rise from the low of $1,792 to the high of $1,873 is clearly below the 50% Fib retracement level. Ethereum price is currently trading below $1,830 and the hourly 100 simple moving average.

There is also a downward trend line with resistance around $1,840 on the hourly ETH/USD chart. The immediate resistance is around the $1,830 area and the hourly 100 simple moving average.

Ethereum USDT 4h

ETH/USD 4 Hour Price Chart

The first major resistance level is near $1,840 and close to the trend line. A close above the $1,840 resistance could send Ethereum towards $1,880. The next resistance level is around $1,920 and Ethereum could rise towards $2,000. Any increase above the $2,000 resistance zone could initiate a stable rise towards the $2,120 resistance.

More Bearish Scenarios

If Ethereum fails to surpass the $1,840 resistance, it could continue to fall. The first support level downwards is the $1,810 level and the 76.4% Fib retracement level from the rise from the low of $1,792 to the high of $1,873.

The next major support is near the $1,790 area. The main support level is at $1,770. If there is a close below the $1,770 support, the price could gain bearish momentum. In this case, the price could fall towards the $1,720 support zone. Further losses could trigger a movement towards the $1,650 support zone in the next session.

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.
  • Support Level – $1,775
  • Resistance Level – $1,840
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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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