Ethereum has initiated a new downward movement, breaking below the key support level of $1,820 against the US Dollar. Ethereum is exhibiting bearish indicators and is likely to experience further decline towards the $1,700 mark. Despite attempts to recover, Ethereum's price was unable to surpass the resistance zone at $1,850. Consequently, ETH began a fresh decline and fell below the crucial support zone at $1,820, following a similar pattern to Bitcoin's movement.
The downward momentum accelerated as Ethereum's price dropped below the $1,800 level. It reached a testing point at around $1,760, forming a low at approximately $1,762. At present, Ethereum's price is undergoing a consolidation phase as it strives to recuperate from its recent losses. However, it is currently trading below both the $1,820 level and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, two bearish trend lines are emerging, which suggest that there is resistance near the $1,790 and $1,820 levels.
The immediate resistance for ETH is located around the $1,800 level. The first significant resistance can be found near $1,820, followed by a trend line resistance. This level is in close proximity to the 50% Fibonacci retracement level, calculated from the swing high of $1,873 to the low of $1,761. If the price manages to close above the $1,820 resistance, it could indicate a potential upward movement towards $1,850. The subsequent resistance level lies near $1,880, and a breakthrough above that may drive Ethereum's price towards $1,920. Further gains above the $1,920 resistance zone could initiate a sustained rally towards the $2,000 resistance level.
If ETH is unable to surpass the $1,820 resistance level, there is a possibility of further downward movement. The initial support level on the downside can be found near $1,760. Subsequently, the next significant support zone is situated around $1,720. The primary support level to monitor is near $1,700. A decisive close below this support could potentially trigger an acceleration in the downward momentum. If this scenario unfolds, the price might decline towards the $1,640 support zone. Any additional losses could potentially drive the price towards the $1,600 level.
Based on price analysis, the market capitalization of ETH is approx at $214,476,336,272. The 24-hour trading volume is expected to be $7,068,483,566.
KEY LEVELS :
RESISTANCE LEVEL : $1,820-$1,870
SUPPORT LEVEL : $1,740-$1,700
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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.
