and fell below the $1,880 mark against the US Dollar. However, it has managed to hold onto the $1,850 support level and may be poised for a new surge.
Despite attempts to break through the $1,925 resistance zone, Ethereum's price was unable to maintain momentum and began to decline. Nevertheless, the downward trend was not as severe as that of Bitcoin.
ETH has recently tested the support zone of $1,850 and approached the 100-hourly Simple Moving Average. A low was formed near $1,854, and the price is currently consolidating its losses. However, there is some good news as the price is slowly moving higher and has surpassed the $1,870 level. As of now, Ether's price is trading above $1,850 and the 100-hourly Simple Moving Average.
ETH/USD as the price is currently encountering resistance at the $1,880 level. This resistance is further reinforced by a bearish trend line that is forming on the hourly chart of ETH/USD, also at the $1,880 mark. The next significant obstacle for the price to overcome is the $1,920 zone. If the price manages to break through the $1,900 resistance zone, it could potentially surge towards the $1,950 resistance level, with the next major hurdle being the $2,000 mark. If the price continues to climb, it may even test the $2,120 resistance level.
In the event that Ethereum is unable to surpass the $1,900 resistance, it may experience further downward movement. The initial support on the downside is located in the vicinity of the $1,860 level, with the next significant support zone being near $1,850. Should the ether price fall below this level, it could potentially decline towards the $1,800 mark. The next crucial support level is situated at the $1,770 zone. However, if the price breaks below $1,770, it may continue to decline towards $1,700.
According to price analysis, the market capitalization of ETH is projected at $225,228,433,082. The 24-hour trading volume is expected to be $8,912,500,779.
KEY LEVELS :
RESISTANCE LEVEL : $1,900-$1,950
SUPPORT LEVEL : $1,840-$1,800
The price of Ethereum may be subject to a "sell the news" trend prior to the Shanghai upgrade. This raises the question of whether ETH will trigger a sell-off or a bull run. Let's delve into the potential of its next recovery rally. We welcome your thoughts and opinions in the comments section 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.
