Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Ethereum price initiated a downside correction from the $1,940 zone against the US Dollar. ETH may revisit the key $1,840 support level in the near term.
- Ethereum failed to clear the $1,925 and $1,940 resistance levels.
- The price is trading below $1,880 and the 100-hourly Simple Moving Average.
- A break occurred below a key bullish trend line with support near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline further, but bulls may become active near the $1,840 support.
Ethereum Price Corrects Lower
Ethereum’s price attempted further upside above the $1,925 and $1,940 resistance levels. However, ETH struggled to settle above the $1,925 resistance zone, mirroring Bitcoin‘s movement.
As a result, a bearish reaction occurred below the $1,900 level. Bears pushed the price below the 50% Fibonacci retracement level of the upward move from the $1,850 swing low to the $1,938 high. Additionally, there was a break below a key bullish trend line with support near $1,870 on the hourly chart of ETH/USD.
Ether is now trading below $1,880 and the 100-hourly Simple Moving Average. It is also displaying bearish signs below the $1,865 support.
If a recovery wave emerges, the price may face resistance near $1,880 and the 100-hourly Simple Moving Average. The next major resistance is near the $1,900 zone. The primary resistance is currently forming near the $1,925 and $1,940 levels.
A close above the $1,925 level followed by a move above $1,940 could send the price toward the $2,000 resistance. The next major resistance might be $2,120. Further gains could set the pace for a test of the $2,200 resistance.
Related Posts
More Losses in ETH?
If Ethereum fails to clear the $1,880 resistance, it could continue to move lower. Initial downside support is near the $1,850 level or the 76.4% Fibonacci retracement level of the upward move from the $1,850 swing low to the $1,938 high.
The next major support is near the $1,840 zone, below which the ether price might decline toward the $1,825 level. A break below $1,825 could see the price extend its decline toward $1,780.
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 now below the 60 level.
Major Support Level – $1,840
Major Resistance Level – $1,880
