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Home»Analysis»Ethereum price can avoid a major breakdown if it closes above one key level
Analysis

Ethereum price can avoid a major breakdown if it closes above one key level

2023-06-12No Comments2 Mins Read
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Ethereum price is falling from the $1,780 resistance against the US dollar. ETH could fall sharply if there is a clear move below the $1,720 support.

  • Ethereum is struggling to clear the $1,780 and $1,800 resistance levels.
  • The price is trading below $1,800 and the 100-hour Simple Moving Average.
  • A major bearish trendline is forming with resistance near $1,760 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could drop sharply if it closes below USD 1,720.

Ethereum price remains in danger

The price of Ethereum once again attempted to climb above the $1,775 and $1,780 resistance levels. ETH failed to gain bullish momentum above the USD 1,780 resistance, similar to Bitcoin.

Previously, the price climbed above the 23.6% Fib retracement level from the main drop from the $1,854 swing high to the $1,718 low. The price is now back below USD 1,750 and it is showing bearish signs. A major bearish trendline is also forming with resistance near $1,760 on the ETH/USD hourly chart.

Ether is clearly struggling to clear $1,800 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,755 zone and the trendline. The next major resistance is near the $1,780 level. It is close to the 50% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low.

Ethereum price

Source: ETHUSD at TradingView.com

A good move above the $1,775 and $1,780 resistance levels could send Ether to $1,850. The next resistance is near $1,880, above which Ethereum could rise to the key $1,920 barrier. More gains above the $1,920 resistance zone could push the price towards the $2,000 resistance.

See also  Is Ethereum at the Bottom? Top analyst reveals the 'no questions asked' level at which he will start collecting ETH again

More downsides in ETH?

If Ethereum fails to clear the $1,755 resistance, it could drop further. The first support on the downside is near the $1,720 level.

The next major support is near the $1,700 level. If there is a break and it breaks below the $1,700 support, the price could drop towards the $1,640 support. More losses may perhaps send the price towards the $1,600 or even $1,550 level in the coming sessions.

Technical indicators

MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.

RSI per hour – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,720

Major resistance level – $1,780

Source link

avoid Breakdown closes Ethereum Key level Major Price
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