shutterstock 773873392 1 460x268 W7V0Su Ethereum Price Is Plunging, But It’s Too Early to Say Bulls Have Given Up

Ethereum Price Is Plunging, But It’s Too Early to Say Bulls Have Given Up

Ethereum price extended its decline below $1,900 against the US Dollar. ETH is testing the $1,825 support and is currently attempting a fresh increase.

Ethereum is down over 2% and there was a move below $1,900.
The price is trading below $1,890 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could attempt a fresh increase but upsides might be capped near $1,900.

Ethereum Price Extends Losses

Ethereum’s price struggled to gain pace above the $1,955 resistance. ETH started another decline and traded below the key support at $1,900, similar to Bitcoin.

The price even declined below the $1,850 level. Besides, there was a break below a connecting bullish trend line with support near $1,905 on the hourly chart of ETH/USD. However, the bulls were active near the last pivot zone at $1,825. A low is formed near $1,825 and the price is now attempting a fresh increase.

Ether is now trading below $1,890 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,855 level. It is close to the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to the $1,825 low.

The first major resistance is near the $1,890 zone or the 100-hourly Simple Moving Average. The next major resistance is near the $1,905 level. It is close to the 61.8% Fib retracement level of the recent drop from the $1,955 swing high to the $1,825 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,905 resistance could push the price toward $1,955. The next major resistance is near the $1,975 level. Any more gains could send Ether toward the $2,050 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,855 resistance or $1,890, it could continue to move down. Initial support on the downside is near the $1,840 level.

The first major support is near the $1,825 level. The next major support is near the $1,770 level. If there is a move below the $1,770 support, the price could drop toward the $1,720 support level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,825

Major Resistance Level – $1,890

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