If Ethereum Breaks These Resistance Levels, Price Could Rise to $2000!

  • Ethereum is now showing signs of decline and is well below the $1,920 resistance area.
  • The price is trading below $1,880 and the 100-hour Simple Moving Average.
  • There is a major downward trend line forming with resistance around $1,870 on the hourly ETH/USD chart.

Ethereum price has initiated another decline from the $1,920 resistance. If ETH stays below $1,920 for an extended period, it faces further loss risks.

Ethereum Failed to Break Resistance and Dropped

Ethereum (ETH)

Ethereum’s price has initiated another decline from the $1,920 resistance area. Similar to Bitcoin, ETH dropped below $1,880 to enter a short-term bearish zone.

There was a sharp move below the $1,860 level. The price even tested the $1,840 support. A low was formed near $1,838, and the price is currently consolidating losses. It is testing the 50% Fib retracement level of the recent drop from $1,882 to $1,838, currently at $1,860.

Ethereum price is now trading below $1,880 and the 100-hour Simple Moving Average. There is also a major downward trend line forming with resistance around $1,870 on the hourly ETH/USD chart.

eth-usd-1-saatlik

ETH/USD 1 Hour Price Chart

The immediate resistance is near $1,865. The recent drop from $1,882 to $1,838 is near the 76.4% Fib retracement level. The next major resistance is near $1,880. A proper move above the $1,865 and $1,880 resistance levels could send ETH to $1,900.

The next resistance is near $1,920, where Ethereum could rise to $2,000. Further gains above the $2,000 resistance could send the price towards the $2,120 resistance.

Could There Be More Losses?

If Ethereum fails to break the $1,880 resistance, it could continue to decline. The first support on the downside is near the $1,840 level.

The next major support is near the $1,820 area. If there is a close below the $1,820 support, the price could drop towards the $1,800 support. Further losses could send the price towards $1,740 or even $1,720 in the coming sessions.

Technical Indicators

  • The hourly MACD for ETH/USD is gaining momentum in the bearish zone.
  • The hourly RSI for ETH/USD is below the 50 level.
  • Main Support Level – $1,840
  • Main Resistance Level – $1,880
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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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