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.

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