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Home»Analysis»Ethereum price indicators signal extended correction to $1,790
Analysis

Ethereum price indicators signal extended correction to $1,790

2023-06-28No Comments3 Mins Read
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Ethereum price is slowly falling from the $1,920 resistance to the US dollar. ETH could extend its decline towards the $1,790 support.

  • Ethereum is still struggling to surpass the $1,920 resistance.
  • The price is trading below $1,900 and the 100-hour Simple Moving Average.
  • There was a break below a major bullish trendline with support near USD 1,885 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could drop further towards the $1,790 support in the coming sessions.

Ethereum price stuck in a range

Ethereum price attempted another upside break above the key $1,920 resistance zone. ETH failed to gain bullish momentum for a close above the USD 1,920 level, similar to Bitcoin.

A high is formed near $1,912 and the price is now moving lower. There was a break below the $1,900 level. The price fell below the 50% Fib retracement level from its recent rise from $1,838 low to $1,912 high. In addition, there was a break below a key bullish trendline with support near USD 1,885 on the ETH/USD hourly chart.

Ether is now trading below $1,900 and the 100-hour Simple Moving Average. It is now testing the 76.4% Fib retracement level from the recent rise from $1,838 low to $1,912 high.

If Ethereum continues above USD 1,850, it could attempt a fresh increase. Immediate resistance is near the $1,880 level or the 100-hour Simple Moving Average. The next major resistance is near the $1,900 level.

Ethereum price

Source: ETHUSD at TradingView.com

The main barrier is still near the $1,920 and $1,930 levels. A close above the $1,930 zone could trigger a steady rise and push the price further. The next resistance is near $2,000, above which the price could rise towards the $2,050 level. Any further gains could send Ether towards the $2,120 resistance.

See also  Bitcoin Price Drops Below $57,000: 4 Major Reasons

Lose more in ETH?

If Ethereum fails to clear the $1,900 resistance, it could fall further. The first support on the downside is near the $1,850 level.

The next major support is near the $1,840 level. If there is a move below $1,840, the price could accelerate lower towards $1,790. More losses may perhaps send the price towards the $1,750 support.

Technical indicators

MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.

RSI per hour – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,840

Major resistance level – $1,900

Source link

Correction Ethereum Extended Indicators Price Signal
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