Introduction:
The price of Ethereum (ETH) has experienced a further correction below the $1,900 level against the US Dollar. The bearish trend suggests that ETH may decline even further towards the $1,825 support level. In this blog post, we will analyze the recent price movements of Ethereum and explore its potential path in the coming days.
Ethereum's Decline and Key Levels to Watch:
Ethereum extended its decline and tested the $1,875 level, breaking below the crucial $1,900 support zone. The price is currently trading below $1,930 and the 100-hourly Simple Moving Average. A connecting bearish trend line is forming with resistance near $1,910 on the hourly chart of ETH/USD.
Potential for Further Losses:
If Ethereum fails to clear the resistance at $1,910, it could initiate a fresh decline. The immediate support on the downside is near the $1,890 level. A break below this level could lead to a continuation of the bearish trend. The next major support is near $1,875, followed by the key support level at $1,825. Further losses could push the price of Ether towards the $1,780 support level in the near term.
Potential Upside and Resistance Levels:
To regain bullish momentum, Ethereum needs to overcome the resistance levels at $1,910 and $1,940. A successful break above these levels could open the doors for a move towards the $1,950 and $1,985 resistance zones. Further gains might propel ETH towards the $2,030 and $2,120 resistance levels, with a potential target of $2,200.
Technical Indicators and Market Sentiment:
The MACD indicator for ETH/USD is currently losing momentum in the bearish zone, indicating a potential continuation of the downward trend. The RSI (Relative Strength Index) has dipped below the 50 level, reflecting increasing selling pressure in the market.
Conclusion:
Ethereum's price has shown bearish signs and is currently trading below key resistance levels. The path ahead suggests the possibility of further downside towards the $1,825 support level. However, if Ethereum manages to break above the immediate resistance at $1,910, a bullish reversal may be in sight. Traders and investors should closely monitor the price action and key levels mentioned in this analysis to make informed decisions.
Disclaimer:
The information provided in this article is solely for informational purposes and should not be considered financial advice. Trading cryptocurrency involves risks, and individuals should conduct their own research and seek professional guidance before making any investment decisions.