Ethereum has been experiencing a fresh decline in price from the $1,860 resistance level against the US Dollar. Its price is predicted to go below $1,730 if it continues to struggle under $1,800 for a long period of time. Ethereum began a downside correction below $1,800 and $1,780, and is currently trading below $1,780 and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $1,760 on the hourly chart of ETH/USD via Kraken data feed. However, the pair is poised to extend its decline if it stays below $1,800 and $1,820 for an extended period.
Ethereum’s price is facing a hurdle as it remains far below the $1,860 level. The price reacted to the downside and traded below the $1,800 support zone. It declined further below $1,750 before the bulls reappeared near $1,720, culminating in a low of about $1,715. The price then started afresh, similar to Bitcoin, and gained momentum above the $1,730 and $1,750 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,715 low.
Furthermore, there was a break above a connecting bearish trend line with resistance near $1,760 on the hourly chart of ETH/USD. Currently, the Ether price is trading near $1,770 and the 100 hourly simple moving average. However, on the upside, the price is facing resistance near the $1,785 zone, with the next significant resistance close to the $1,800 range and 61.8% Fib retracement level of the downward move from $1,858 to $1,715 low. A close above the $1,800 resistance zone may trigger a surge.
The next objective for the bulls might be $1,860, which may set the pace for a test of the $2,000 resistance zone in the near term. However, if ethereum fails to clear the $1,800 resistance level, it may experience another decline, beginning with an initial support near the $1,745 level. The next significant support level is near the $1,730 zone or $1,715, and if it breaks below $1,715, its price may gain bearish momentum and drop to around $1,650. Any further losses might test the $1,580 level.
The hourly MACD for ETH/USD is now losing momentum in the bullish zone, while the hourly RSI is now below the 50 level. The major support level for Ethereum is $1,730, while the significant resistance level is $1,800. These technical indicators indicate that the current trend in Ether selling may not be an excellent opportunity for bulls to enter, unless market dynamics change the trend of investors.
Ethereum has been experiencing significant market activity, with investors and traders actively generating demand for it. The shift to Ethereum 2.0, the use of NFTs, and the adoption of decentralized applications have played a significant role in its price surge. The extreme volatility of the cryptocurrency market remains a challenge, with unpredictable market dynamics altering the value of cryptocurrencies. However, if ETH can overcome all these fluctuations, then its future looks bright, and it may experience another significant bull run.
To sum up, Ethereum’s current top-side bias is vulnerable if it continues to struggle below the $1,800 range. Its price may experience a fresh decline if it stays below $1,800 and $1,820 for an extended period. However, if it clears the $1,800 resistance level, it may surge to $1,860 if the market dynamics remain favorable for the cryptocurrency.
