Ethereum Price Faces Potential Prolonged Drop as Bears Reclaim Dominance
Reasons for Confidence
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The price of Ethereum has begun a downtick below the $1,850 threshold. Currently, ETH is stabilizing and may potentially fall beneath the $1,785 support level.
- Ethereum has initiated a new decline, dropping below the $1,850 and $1,820 marks.
- The current price is below $1,800 and the 100-hour Simple Moving Average.
- A significant bearish trend line is developing, with resistance at $1,830 on the hourly ETH/USD chart.
- If the price breaks below the $1,785 support, further declines may follow.
Challenges in Overcoming Resistance for Ethereum
The value of Ethereum struggled to surpass the $1,880 resistance and commenced a downward trend, similar to Bitcoin’s behavior. ETH fell below $1,850 and $1,820 support thresholds.
A drop below the 50% Fibonacci retracement level occurred, tracing back from the swing low of $1,734 to the high of $1,872. The selling pressure forced the price beneath $1,800; however, support near $1,785 proved resilient.
Ethereum is presently trading below $1,800 and the 100-hour Simple Moving Average. Additionally, a significant bearish trend line is forming, with resistance around the $1,830 level on the hourly ETH/USD graph.
On the upside, resistance appears at the $1,820 level. A further key resistance level exists around $1,830, aligned with the trend line. The initial substantial resistance is noted at $1,880.
A definitive breakthrough above the $1,880 resistance could propel the price towards the $1,920 zone. Should there be an upward breakout past the $1,920 resistance, further gains may be realized in the subsequent sessions. In such a scenario, Ether could aim for the $2,000 resistance level or even reach $2,050 shortly.
Potential Additional Losses in ETH?
If Ethereum does not succeed in overcoming the $1,830 resistance, it could trigger a fresh downward movement. The immediate support on the downside hovers around the $1,785 level, coinciding with the 61.8% Fibonacci retracement of the rise from the $1,734 low to the $1,872 high. Major support is located near $1,750.
A decisive shift below the $1,750 support may drive the price towards the $1,720 level. Continued declines could push the price further down to the $1,685 support level in the near future, with the next significant support at $1,640.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is picking up momentum in the bearish area.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $1,765
Major Resistance Level – $1,830
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