Ethereum Price Is Plunging, But It’s Too Early to Say Bulls Have Given Up

2023-07-07 03:13:15

Ethereum price extended its decline below $1,900 against the US Dollar. ETH is testing the $1,825 support and is currently attempting a fresh increase.

Ethereum is down over 2% and there was a move below $1,900.
The price is trading below $1,890 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could attempt a fresh increase but upsides might be capped near $1,900.

Ethereum Price Extends Losses

Ethereum’s price struggled to gain pace above the $1,955 resistance. ETH started another decline and traded below the key support at $1,900, similar to Bitcoin.

The price even declined below the $1,850 level. Besides, there was a break below a connecting bullish trend line with support near $1,905 on the hourly chart of ETH/USD. However, the bulls were active near the last pivot zone at $1,825. A low is formed near $1,825 and the price is now attempting a fresh increase.

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

Source: ETHUSD on TradingView.com

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

More Losses in ETH?

If Ethereum fails to clear the $1,855 resistance or $1,890, it could continue to move down. Initial 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 drop toward the $1,720 support level.

Technical Indicators

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

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

Major Support Level – $1,825

Major Resistance Level – $1,890

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