TA: Why Ethereum (ETH) Topside Bias Vulnerable Unless It Surges Past $2K
Ethereum is facing an uphill task near the $2,000 zone against the US Dollar. ETH price remains at a risk of a larger decline below the $1,800 support zone.
- Ethereum started a fresh decline after it failed to surpass the $2,000 resistance zone.
- The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if it fails to move above the $1,950 and $2,000 resistance levels.
Ethereum Price Turns Red
After a failed attempt to clear the $2,000 resistance, ethereum started a fresh decline, similar to bitcoin. ETH price broke the $1,950 support and it settled well below the 100 hourly simple moving average.
The price even declined below the $1,920 support, but the bulls are defending the $1,850 support zone. The recent low was formed near $1,866 and the price is now correcting higher. It is testing the $1,900 resistance zone.
The 23.6% Fib retracement level of the recent decline from the $1,993 swing high to $1,866 low is also near $1,900. The next key resistance is near the $1,920 level and the 100 hourly simple moving average.
The $1,920 resistance is close to the 50% Fib retracement level of the recent decline from the $1,993 swing high to $1,866 low. There is also a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
A proper break above the trend line resistance is must for a strong move above the $2,000 resistance. The next major resistance is near the $2,050 zone.
Fresh Decline in ETH?
If Ethereum fails to recover above $1,920 and $1,950, it could continue to move down. An initial support on the downside is near the $1,865 level.
The first major support is near the $1,850 level. If ether fails to stay above the $1,850 support, it could decline towards the $1,800 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now close to the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,950
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- (Recommended For Altcoin Leverage) FTX Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here