NewsBTC
2023-05-02 04:17:10

Ethereum Price is Plunging, But It’s Too Early to Say Uptrend Is Over

Ethereum price extended its decline below the $1,850 level against the US Dollar. ETH could continue to move down if it stays below the $1,880 resistance. Ethereum remained in a bearish zone and traded below $1,850. The price is trading below $1,850 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below $1,850 and $1,880. Ethereum Price Extends Decline Ethereum’s price settled below the $1,880 pivot level to move into a bearish zone. ETH extended its decline and traded below the $1,850 support, similar to Bitcoin at $28,000. The price traded close to the $1,800 level. A low is formed near $1,805 and the price is consolidating losses. It is trading below $1,850 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH/USD. Immediate resistance is near the $1,835 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low. The next major resistance seems to be forming near $1,880 and the 100-hourly Simple Moving Average. The 50% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low is also near the $1,880 level. Source: ETHUSD on TradingView.com A close above the $1,880 level might start a fresh increase. In the stated case, the price could rise toward the $1,920 resistance. Any more gains could send Ether toward the $1,940 resistance. The main hurdle is now forming near the $2,000 zone, above which the price could gain bullish momentum. More Losses in ETH? If Ethereum fails to clear the $1,835 resistance, it could continue to move down. Initial support on the downside is near the $1,800 level. The next major support is near the $1,780 zone, below which ether price might drop toward the $1,740 support zone. Any more losses may perhaps take the price toward $1,700 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is below the 50 level. Major Support Level – $1,800 Major Resistance Level – $1,880

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.