Ethereum Price Plunges Again: Start of Another Decline Or Buying Opportunity

Read full article at 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 MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is below the 50 level.

Major Support Level – $1,760

Major Resistance Level – $1,820

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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