Ethereum Bears Keep Pressing, Why ETH Price Might Revisit This Key Support
28 November 2023 - 3:10PM
NEWSBTC
Ethereum price is moving lower from $2,130. ETH is showing a few
bearish signs and might decline toward the $1,920 support zone.
Ethereum is slowly moving lower below the $2,060 zone. The price is
trading below $2,060 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near
$2,040 on the hourly chart of ETH/USD (data feed via Kraken). The
pair could continue to move down toward the $1,920 support zone.
Ethereum Price Extends Decline Ethereum price started a fresh
decline after it struggled near $2,130. ETH formed a high at $2,132
and started a downward movement. There was a move below the $2,100
and $2,080 levels, like Bitcoin. The price even spiked below the
$2,000 support. A low was formed near $1,986 and the price is now
consolidating losses. There was a minor recovery wave above the
$2,020 level. Ether climbed above the 23.6% Fib retracement level
of the recent drop from the $2,132 swing high to the $1,986 low.
Ethereum is now trading below $2,060 and the 100-hourly Simple
Moving Average. On the upside, the price is facing resistance near
the $2,040 zone. There is also a major bearish trend line forming
with resistance near $2,040 on the hourly chart of ETH/USD. The
first key resistance is near the $2,060 level or the 50% Fib
retracement level of the recent drop from the $2,132 swing high to
the $1,986 low. The next resistance sits at $2,100. A clear move
above the $2,100 level could send the price toward the $2,135
resistance zone. Source: ETHUSD on TradingView.com The next
resistance is near $2,150, above which the price could aim for a
move toward the $2,200 level. Any more gains could start a wave
toward the $2,250 level. More Losses in ETH? If Ethereum fails to
clear the $2,040 resistance, it could start a fresh decline.
Initial support on the downside is near the $2,000 level. The next
key support is $1,985. A downside break below $1,985 might send
Ether toward the $1,920 support. The key support is now at $1,885,
below which there is a risk of a move toward the $1,820 level.
Technical Indicators Hourly MACD – The MACD for ETH/USD is losing
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now below the 50 level. Major Support Level – $1,985 Major
Resistance Level – $2,040
Ethereum (COIN:ETHUSD)
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