Blockchain News

Ethereum Price Hints At Potential Short-term Downtrend, Sell Rallies?

Ethereum is currently showing bearish signs as it struggles to break above the $1,920 level. The price is trading below both $1,900 and the 100-hourly Simple Moving Average, indicating a potential decline if it remains below the $1,900 mark.

On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance near $1,900. This trend line could act as a significant barrier for any potential bullish movement.

In its recent attempt to surpass the $1,900 resistance, Ethereum faced a fresh decline, similar to Bitcoin. The price dropped below $1,885 and $1,875 levels before finding some support above $1,860. Currently, the price is consolidating its losses around the $1,863 level.

The immediate resistance on the upside is around $1,885, which coincides with the 50% Fibonacci retracement level of the recent drop from the $1,903 swing high to the $1,863 low. Above that, the 100-hourly Simple Moving Average near $1,890 acts as a significant hurdle, followed by the 61.8% Fib retracement level near $1,900.

A break above the $1,900 resistance, along with the trend line, might pave the way for testing the main resistance at $1,920. In case of further gains, Ethereum could aim for the $2,000 resistance in the near term.

However, if Ethereum fails to clear the $1,900 resistance, it might continue to move downwards. The initial support lies around the $1,865 level, but the first major support is near $1,850. A break below this level could trigger bearish momentum and lead to a potential decline toward the $1,825 support.

Should the price close below $1,825, it might open the doors for more significant bearish moves, possibly targeting the $1,720 support level. Any further losses could potentially push Ethereum toward the $1,650 support level.

As per the technical indicators, the hourly MACD is indicating increasing bearish momentum, while the hourly RSI is now below the 50 level, further confirming the current bearish outlook for Ethereum.

In conclusion, Ethereum is facing resistance below $1,900, and if it fails to break above this level, there is a risk of further declines towards $1,825 and even $1,720. On the other hand, a successful break above $1,900 could lead to further gains, with $2,000 as the next target. Traders should closely monitor the price action and key support and resistance levels to make informed decisions.


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