Ethereum Price Indicators Signal Extended Correction To $1,790

2023-06-28 03:22:43

Ethereum price is slowly moving lower from the $1,920 resistance against the US Dollar. ETH could extend its decline toward the $1,790 support.

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

Ethereum Price Stuck In A Range

Ethereum’s price attempted another upside break above the key $1,920 resistance zone. ETH failed to gain bullish momentum for a close above the $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 declined below the 50% Fib retracement level of the recent increase from the $1,838 low to the $1,912 high. Besides, there was a break below a key bullish trend line with support near $1,885 on the hourly chart of ETH/USD.

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

If Ethereum stays above $1,850, it could attempt another increase. Immediate resistance is near the $1,880 level or the 100-hourly Simple Moving Average. The next major resistance is near the $1,900 level.

Source: ETHUSD on TradingView.com

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

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 $1,850 level.

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

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 – $1,840

Major Resistance Level – $1,900

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