Ethereum’s Price Crash: A Silver Lining For Smart Investors!
Key Points:
- Ethereum’s price is in a bearish zone, similar to Bitcoin.
- The bears were able to push the price below the key $1,840 support.
- A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900.
Ethereum experienced a decline in price recently, after failing to break through the $1,920 resistance.
The cryptocurrency started to experience a strong downward movement, breaking below the $1,900 and $1,880 levels. As a result, it moved into a bearish zone that is similar to the situation with Bitcoin. The bears in the market were able to push the price even lower, below the crucial $1,840 support level. Furthermore, a bullish trend line that had connected the price points was also broken, indicating a further downward trend. The hourly chart of ETH/USD shows that the price is down by over 4% and has traded close to the $1,775 support level.
Although this is not good news for investors, there is hope for a rebound. The price has formed a low near $1,777 and is currently consolidating losses. There is a slow upward movement, which is above the 23.6% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low. However, Ethereum is still trading below $1,840 and the 100-hourly Simple Moving Average, so there is still a long way to go before the price can begin to climb back up.
The immediate resistance is near the $1,840 zone, with the next major resistance being the $1,850 level or the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low. A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900. If this happens, the next resistance sits near $1,920, above which Ethereum could rise toward $1,965. Any more gains above the $1,965 resistance zone might send the price toward the $2,000 resistance. In conclusion, while the current situation may be challenging, there is still hope for the price to recover and climb back up.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
Key Points:
- Ethereum’s price is in a bearish zone, similar to Bitcoin.
- The bears were able to push the price below the key $1,840 support.
- A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900.
Ethereum experienced a decline in price recently, after failing to break through the $1,920 resistance.
The cryptocurrency started to experience a strong downward movement, breaking below the $1,900 and $1,880 levels. As a result, it moved into a bearish zone that is similar to the situation with Bitcoin. The bears in the market were able to push the price even lower, below the crucial $1,840 support level. Furthermore, a bullish trend line that had connected the price points was also broken, indicating a further downward trend. The hourly chart of ETH/USD shows that the price is down by over 4% and has traded close to the $1,775 support level.
Although this is not good news for investors, there is hope for a rebound. The price has formed a low near $1,777 and is currently consolidating losses. There is a slow upward movement, which is above the 23.6% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low. However, Ethereum is still trading below $1,840 and the 100-hourly Simple Moving Average, so there is still a long way to go before the price can begin to climb back up.
The immediate resistance is near the $1,840 zone, with the next major resistance being the $1,850 level or the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low. A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900. If this happens, the next resistance sits near $1,920, above which Ethereum could rise toward $1,965. Any more gains above the $1,965 resistance zone might send the price toward the $2,000 resistance. In conclusion, while the current situation may be challenging, there is still hope for the price to recover and climb back up.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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