Ethereum could take a hit, especially as the bullish market weakens as market indicators show. When compared to the US dollar, Ethereum’s losses widened below the $1,850 level of support. If there is a definitive move below the $1,800 mark, ETH may fall even more.
From the $1,950 barrier area, Ethereum started to drop once more.
Currently, the price is trading below both the 100 hourly simple moving average and the $1,900 mark.
On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance close to $1,920.
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If there is a noticeable decline below the $1,800 mark, the pair may start trending downward.
Ethereum Coul Take A Hit – Price Is Still In Danger
Ethereum stayed below the $2,000 resistance zone in a bearish zone. ETH dropped below the $1,850 support level and entered a more bearish territory.
The $1,820 level provided resistance to the fall. The price of ether is currently recouping losses above $1,820. At this time, it is trading below both the 100 hourly simple moving average and $1,900. The bears are aggressive near the 23.6% Fib retracement level of the recent slide from the swing high of $1,956 to the low of $1,820.
Close to the $1,885 level and the 100 hourly simple moving average is where the upside will first encounter resistance. It is very close to the 50% Fib retracement level of the most recent collapse from the swing high of $1,956 to the low of $1,820.
The $1,900 and $1,920 levels are currently where the primary resistance is building. On the hourly chart of ETH/USD, there is also a significant bearish trend line forming with resistance close to $1,920. The price may advance toward the $1,950 level if there is a clear move above the $1,920 resistance.
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The price needs to surpass $1,950 in order to enter the positive zone. In the aforementioned scenario, the cost can increase to $2,000 or higher.
More Losses?
Ethereum may keep falling if it is unable to go past the $1,920 resistance. Near the $1,820 region is the first area of support on the downside.
Near $1,800 is the next significant support, below which there may be further declines. In the aforementioned scenario, the price of ether might drop to around $1,760. Any additional losses might pave the way for a move in the direction of the $1,700 mark.
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