Ethereum has experienced a recent downtrend after facing resistance at the $1,920 mark against the US Dollar. The prolonged stay below this crucial level puts ETH at risk of further losses. The decline began as Ethereum failed to surpass the resistance zone, leading to a drop below the $1,880 level. Consequently, the market sentiment turned bearish in the short term, mirroring the situation in Bitcoin.
Ethereum price witnessed a significant downward movement, breaching the $1,860 level and testing the support at $1,840. After reaching a low point around $1,840, the price is currently consolidating the losses. It is currently undergoing a test of the 50% Fibonacci retracement level, which is based on the recent decline
from the swing high of $1,889 to the low at $1,840.
Currently, Ethereum is trading below the $1,880 level and the 100-hourly Simple Moving Average (SMA). On the hourly chart of ETH/USD, a significant bearish trend line is taking shape, indicating resistance around $1,880.
The immediate resistance for Ethereum is located around the $1,865 area, followed by a more significant resistance at $1,880. If there is a successful breakthrough above these resistance levels, Ether has the potential to reach $1,900. Furthermore, surpassing the $1,920 mark could further propel Ethereum's price towards the $2,000 level. In the event of sustained upward momentum, the price might even target the $2,080 resistance.
If ETH is unable to overcome the $1,880 resistance, a continuation of the downward movement is possible. The initial support level on the downside is located around $1,840, followed by a more significant support at the $1,820 zone. A close below this support could potentially lead to a further decline towards the $1,800 support level. In the coming sessions, if the downward momentum persists, there is a possibility of the price reaching the $1,740 level or potentially even as low as $1,720.
Based on price analysis, the market capitalization of ETH is approx at $223,163,349,328. The 24-hour trading volume is expected to be $5,954,495,570.
KEY LEVELS :
RESISTANCE LEVEL : $1,880-$1,920
SUPPORT LEVEL : $1,830-$1,780
Is Ethereum Heading Towards a Retest of the $1800 Level? Bull Trap Raises Concerns of Significant Correction; Should You Sell or Hold? The current performance of ETH raises doubts about its ability to maintain its position above the breached trendline, potentially indicating a false breakout and an impending decline. Share your insights and opinions in the comment box below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
