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  • Writer's pictureSarah Dixon

Ethereum price suggests a possible short-term downtrend, should rallies be sold?


Ethereum price suggests a possible short-term downtrend, should rallies be sold?
Ethereum price suggests a possible short-term downtrend, should rallies be sold?

Ethereum price is struggling to clear the $1,900 resistance against the US Dollar. ETH could gain bearish momentum if there is a close below $1,850.

  • Ethereum is showing bearish signs below the $1,920 level.

  • The price is trading below $1,900 and the 100-hourly Simple Moving Average.

  • There is a key bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could decline steadily if the price remains below $1,900.


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Ethereum price suggests a possible short-term downtrend, should rallies be sold? Ethereum Price Remains At Risk

Ethereum attempted to surpass the $1,900 level, but was unsuccessful in gaining bullish momentum above the $1,900 resistance and started a fresh decline, similar to Bitcoin. The price declined below the $1,885 and $1,875 levels. At present, the bulls are active above the $1,860 level, with a low formed near $1,863. The price is currently consolidating losses, with a key bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD. Ether is currently trading below $1,900 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,885 level, which is close to the 50% Fib retracement level of the recent drop from the $1,903 swing high to the $1,863 low. The first major resistance is near the $1,890 level or the 100-hourly Simple Moving Average, which is close to the 61.8% Fib retracement level of the recent drop from the $1,903 swing high to the $1,863 low. Ethereum price suggests a possible short-term downtrend, should rallies be sold?


Source: ETHUSD on TradingView.com
Source: ETHUSD on TradingView.com


The next major resistance is near the $1,900 level and the trend line, above which the price could test the main resistance at $1,920. Any more gains could send Ether toward the $2,000 resistance in the near term.


More Losses in ETH?

If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,865 level.


The first major support is near the $1,850 level, below which the price might gain bearish momentum. The next major support is near the $1,825 support level. A close below $1,825 could spark sharp bearish moves toward the $1,720 level. Any more losses could open the doors for a move toward the $1,650 support level.


Technical Indicators

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

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

Major Support Level – $1,850

Major Resistance Level – $1,900


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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