Ethereum Drops 10% Below $1,880, Faces Further Losses
1min read Ethereum's price has recently experienced a decline, trading below the $1,880 level and currently consolidating. The cryptocurrency struggled to maintain its position above the $2,000 resistance level and has since dropped below key support levels at $1,920 and $1,880. The price tested the $1,765 zone, forming a low at $1,767 before attempting a fresh upward move. However, the price remains below the 23.6% Fib retracement level of the recent decline from the $2,033 swing high to the $1,767 low.
Ethereum is now trading below $1,880 and the 100-hourly Simple Moving Average, with a connecting bearish trend line forming resistance at $1,820 on the hourly chart of ETH/USD. On the upside, the price faces hurdles near the $1,820 level, with the next key resistance near the $1,880 level and the 50% Fib retracement level of the recent decline. The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $2,000 resistance, potentially leading to more gains in the coming sessions. In this scenario, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.
Ask Aime: What factors are contributing to Ethereum's recent price decline, and what are the potential trading opportunities and risks in the cryptocurrency market?
If Ethereum fails to clear the $1,880 resistance, it could start another decline. Initial support on the downside is near the $1,780 level, with the first major support sitting near the $1,765 zone. A clear move below the $1,765 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term, with the next key support sitting at $1,650.
Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 zone. The major support level is at $1,765, and the major resistance level is at $1,880. The current price action indicates that Ethereum is at risk of further losses, and bulls will need to step in to prevent a major breakdown. The ability of bulls to push the price above the $1,880 resistance level will be crucial in determining the short-term direction of Ethereum's price.
