Ethereum is falling below $ 2K with key indicators pointing to more pain
Ethereum is falling below $ 2,000 with its key indicators suggesting more pain is on the horizon as we can see more in our latest Ethereum news.
Ethereum’s price is showing signs of bearish and remains at risk of falling further below $ 1800. The price is currently trading below the $ 2000 resistance and 100 hour simple moving average, with a large downtrend line forming, with resistance near $ 140 on the pair’s hourly chart. The pair will continue to fall below the $ 1850 level and the $ 1820 support as ETH falls 8%.
There hasn’t been a major rally in ETH above the $ 2100 mark, similar to that seen in BTC, and as a result, ETH saw another decline, breaking the important $ 2000 support area. The price has accelerated below the $ 150 support and settled below the 100-hour single movement average, so a new low has been formed near $ 1864 and the price is currently consolidating losses. Initial resistance to the upside is near the 1910 mark. Ethereum fell below the $ 22,000 mark as the 23.6% Fib retracement fell from the recent drop of $ 2046 to a low of $ 1,864 near the $ 1910 mark. Also, a major downtrend line is forming on the pair’s hourly chart with resistance near USD 140.
Trendline resistance is near the 50% retracement of the recent decline to the $ 1,864 low. The key resistance is near the $ 2000 level and a close above this zone could create a great upside speed. If Etheruem fails to rebound above USD 1910 and USD 150 it will continue to decline as the initial support on the downside near the level of 1850 USD.
Another break below the USD 1850 support could cause further losses and the first major support is near the 1800 support. If Ether fails to hold above the USD 1800 support, it could drop to the 1750 support USD and further losses can lower the price to the $ 1680 support area in the coming sessions. The hourly MACD for the pair is accelerating in the bearish zone while the hourly RSI is below the 50 mark.
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