Ethereum Price Hints At Potential Short-term Downtrend, Sell Rallies?

2023-07-24 05:03:16

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.

Ethereum Price Remains At Risk

Ethereum’s price made another attempt to settle above the $1,900 level. However, ETH failed to gain 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. The bulls are now active above the $1,860 level. A low is formed near $1,863 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD.

Ether is trading below $1,900 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,885 level. It is close to the 50% Fib retracement level 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. It is close to the 61.8% Fib retracement level recent drop from the $1,903 swing high to the $1,863 low.

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 MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

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

Major Support Level – $1,850

Major Resistance Level – $1,900

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