Ethereum Price Plunges Again: Start of Another Decline Or Buying Opportunity
25 Mai 2023 - 6:10AM
NEWSBTC
Ethereum price started a fresh decline below the $1,820 support
against the US Dollar. ETH is showing bearish signs and might
decline further toward $1,700. Ethereum is currently moving lower
below the $1,820 support zone. The price is trading below $1,800
and the 100-hourly Simple Moving Average. There are two bearish
trend lines forming with resistance near $1,790 and $1,820 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
continue lower toward the $1,720 and $1,700 levels. Ethereum Price
Extends Losses Ethereum’s price failed to recover above the $1,850
resistance zone. ETH started a fresh decline and traded below the
$1,820 support zone, similar to Bitcoin. The decline gained pace
below the $1,800 level. The price tested the $1,760 zone. A low is
formed near $1,761 and the price is now consolidating losses. Ether
is trading below $1,800 and the 100-hourly Simple Moving Average.
There are also two bearish trend lines forming with resistance near
$1,790 and $1,820 on the hourly chart of ETH/USD. Immediate
resistance is near the $1,785 zone and the first trend line. It is
close to the 23.6% Fib retracement level of the downward move from
the $1,873 swing high to the $1,761 low. The first major resistance
is near the $1,820 level and second the trend line. It is close to
the 50% Fib retracement level of the downward move from the $1,873
swing high to the $1,761 low. A close above the $1,820 resistance
could send Ether toward $1,850. Source: ETHUSD on TradingView.com
The next resistance sits near $1,880, above which Ethereum could
rise toward $1,920. Any more gains above the $1,920 resistance zone
could start a steady increase toward the $2,000 resistance. More
Losses in ETH? If Ethereum fails to clear the $1,820 resistance, it
could continue to move down. Initial support on the downside is
near the $1,760 level. The next major support is near the $1,720
zone. The main support could be near $1,700. If there is a close
below the $1,700 support, the price could accelerate lower. In the
stated case, the price might drop toward the $1,640 support zone.
Any more losses may perhaps send the price toward the $1,600 level.
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 – $1,760 Major Resistance
Level – $1,820
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