Ethereum's price has recently been experiencing a period of consolidation, exhibiting limited volatility and showing minimal inclination for significant movements in either direction.
#Ethereum is facing challenges as it tries to surpass the $1,840 resistance against the US Dollar. There is a significant risk of a substantial decline if the crucial $1,780 support level is breached. The price of Ethereum has stayed in a bearish territory below the $1,840 zone. It has recently started a new downtrend below the $1,800 level, exhibiting several bearish indications, following a similar pattern to Bitcoin.
After dropping below the $1,780 level, Ethereum's price hit a low around $1,771 before initiating a recovery. The price is currently correcting its losses and managed to climb back above the $1,800 level. Additionally, it successfully surpassed the 50% Fibonacci retracement level of the recent downward movement from the $1,832 swing high to the $1,771 low.
Currently, #ETH is being traded around $1,810, which is close to both the 50-hourly Simple Moving Average and the hourly chart's significant bearish trend line. This trend line indicates a strong resistance level near $1,850 for the ETH/USD pair.
The immediate resistance for Ethereum is located around the $1,820 level. Subsequently, the next resistance is observed near $1,850, coinciding with the trend line. A successful breach above this level could potentially propel Ethereum towards the $1,890 mark. Further upward momentum may drive the price towards the $1,930 resistance level. In the event that Ethereum manages to surpass the $1,930 resistance zone, it could experience a substantial increase towards the $2,000 resistance level.
If ETH is unable to overcome the $1,850 resistance, it might initiate a fresh decline. The initial support level on the downside is approximately $1,785, followed by a more significant support zone near $1,770. If the price convincingly breaks below the $1,770 support, a sharp decline is likely. Under such circumstances, the price could potentially drop towards the $1,740 support zone. Further losses may potentially lead the price towards the $1,700 level in the near term.
Based on price analysis, the market capitalization of ETH is approx at $217,530,845,717. The 24-hour trading volume is expected to be $5,649,962,736.
KEY LEVELS :
RESISTANCE LEVEL : $1,830-$1,865
SUPPORT LEVEL : $1,770-$1,740
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
