Ethereum Price Trims Gains and Could Revisit Key Range Support

2023-05-24 03:52:35

Ethereum price failed to surpass $1,880 and declined against the US Dollar. ETH is struggling and might continue lower toward the $1,790 support.

Ethereum is currently moving lower from the $1,880 resistance zone.
The price is trading below $1,830 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate lower toward the $1,790 and $1,780 levels.

Ethereum Price Fails Again

Ethereum’s price attempted a fresh increase above the $1,850 resistance zone. However, ETH bears remained active near the $1,880 level and the price started another decline, similar to Bitcoin.

The price declined from the $1,873 high and traded below the $1,850 support. There was a clear move below the 50% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high. Ether price is now trading below $1,830 and the 100-hourly Simple Moving Average.

There is also a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. Immediate resistance is near the $1,830 zone and the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,840 level and the trend line. A close above the $1,840 resistance could send Ether toward $1,880. The next resistance sits near $1,920, above which Ethereum could rise toward $2,000. Any more gains above the $2,000 resistance zone could start a steady increase toward the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level and the 76.4% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high.

The next major support is near the $1,790 zone. The main support sits at $1,770. If there is a close below the $1,770 support, the price could gain bearish momentum. In the stated case, the price might drop toward the $1,720 support zone. Any more losses may perhaps spark a move toward the $1,650 support zone in the coming sessions.

Technical Indicators

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

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

Major Support Level – $1,775

Major Resistance Level – $1,840

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