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Home»Altcoins»Ethereum Price Cuts Gains and May Revisit Key Range Support
Altcoins

Ethereum Price Cuts Gains and May Revisit Key Range Support

2023-05-24No Comments2 Mins Read
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Ethereum price failed to move above $1,880 and fell against the US dollar. ETH is struggling and may continue lower towards the $1,790 support.

  • Ethereum is currently moving lower off the $1,880 resistance zone.
  • The price is trading below $1,830 and the 100-hour Simple Moving Average.
  • A connecting bearish trendline is forming with resistance near $1,840 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could accelerate lower towards the $1,790 and $1,780 levels.

Ethereum price fails again

The price of Ethereum once again attempted to climb above the $1,850 resistance zone. However, ETH bears continued to operate near the $1,880 level and the price started falling again, similar to Bitcoin.

The price fell from the high of $1,873 and traded below the $1,850 support. There was clear movement below the 50% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high. Ether price is now trading below $1,830 and the 100-hour Simple Moving Average.

A contiguous bearish trendline is also forming with resistance near $1,840 on the ETH/USD hourly chart. Immediate resistance is near the $1,830 zone and the 100-hour Simple Moving Average.

Ethereum price

Source: ETHUSD at TradingView.com

The first major resistance is near the USD 1,840 level and trendline. A close above the USD 1,840 resistance could send Ether towards USD 1,880. The next resistance is near $1,920, above which Ethereum could rise to $2,000. Any gains above the $2,000 resistance zone could trigger a steady rise towards the $2,120 resistance.

Lose more in ETH?

If Ethereum fails to clear the $1,840 resistance, it could drop further. Initial support on the downside is near the $1,810 level and the 76.4% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high.

See also  $ 350 might be just enough - XYZ, SOL and ADA test the boundaries

The next major support is near the $1,790 zone. The main support sits at $1,770. If a close breaks below the USD 1,770 support, the price could gain bearish momentum. In the said case, the price may decline towards the $1,720 support zone. More losses may perhaps lead to a move towards the $1,650 support zone 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 below the 50 level.

Major Support Level – $1,775

Major resistance level – $1,840

Source link

Cuts Ethereum Gains Key Price Range Revisit Support
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