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Home»Analysis»Ethereum price plummets, but it’s too early to say Bulls have given up
Analysis

Ethereum price plummets, but it’s too early to say Bulls have given up

2023-07-07No Comments3 Mins Read
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Ethereum price extended its decline below USD 1,900 against the US dollar. ETH is testing the $1,825 support and is currently attempting another increase.

  • Ethereum is down more than 2% and there was a move below USD 1,900.
  • The price is trading below $1,890 and the 100-hour Simple Moving Average.
  • There was a break below a contiguous bullish trendline with support near USD 1,905 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could try another raise, but the gains could be capped near $1,900.

Ethereum Price Extends Losses

Ethereum price struggled to gain momentum above the USD 1,955 resistance. ETH started falling again, trading below the main support at $1,900, similar to Bitcoin.

The price even fell below the $1,850 level. In addition, there was a break below a contiguous bullish trendline with support near USD 1,905 on the ETH/USD hourly chart. However, the bulls were active near the final pivot zone at $1,825. A low is formed near $1,825 and the price is now trying to rise again.

Ether is now trading below $1,890 and the 100-hour 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-hour 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.

See also  Crypto Analysts Unveil Catalyst That Will Push Price Above $3,500

Ethereum price

Source: ETHUSD at TradingView.com

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

Lose more in ETH?

If Ethereum fails to clear the $1,855 or $1,890 resistance, it could fall further. The first 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 fall towards the $1,720 support level.

Technical indicators

MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $1,825

Major resistance level – $1,890

Source link

Bulls early Ethereum Plummets Price
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