TA: Ethereum Consolidates Below $2K: What Could Trigger A Sharp Decline?
16 August 2022 - 2:08PM
NEWSBTC
Ethereum started a downside correction from the $2,000 resistance
against the US Dollar. ETH is consolidating and might decline
further towards $1,810. Ethereum started a downside correction
below the $1,950 level. The price is now trading below $1,950 and
the 100 hourly simple moving average. There was a break below a
connecting bullish trend line with support near $1,925 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
continue to decline if it stays below the $1,950 pivot level.
Ethereum Price Dips Ethereum made a couple of attempts to gain
strength above the $2,000 resistance zone. However, ETH failed to
extend gains and started a downside correction below the $1,950
level. There was a clear move below the $1,920 level and the 100
hourly simple moving average. Besides, there was a break below a
connecting bullish trend line with support near $1,925 on the
hourly chart of ETH/USD. Ether price even declined below the $1,900
level. A low is formed near $1,862 and the price is now
consolidating losses. It is now trading below $1,950 and the 100
hourly simple moving average. An immediate resistance on the upside
is near the $1,900 level. It is near the 23.6% Fib retracement
level of the recent decline from the $2,030 swing high to $1,862
low. The first major resistance is near the $1,945 and $1,950
levels. Source: ETHUSD on TradingView.com The 50% Fib retracement
level of the recent decline from the $2,030 swing high to $1,862
low is also near the $1,950 level to act as key resistance. A clear
move above the $1,950 level could start a steady increase to
$2,000. If there are more upsides, the price may perhaps rise
towards the $2,080 resistance zone in the near term. More Losses in
ETH? If ethereum fails to rise above the $1,950 resistance, it
could continue to move down. An initial support on the downside is
near the $1,862 zone. The next major support is near $1,850, below
which there is a risk of a move towards the $1,810 level. If the
bears remain in action, the price could even decline towards the
$1,720 level. Technical Indicators Hourly MACD – The MACD for
ETH/USD is now losing momentum in the bullish zone. Hourly RSI –
The RSI for ETH/USD is now below the 50 level. Major Support Level
– $1,860 Major Resistance Level – $1,950
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From May 2023 to May 2024