Ethereum Price Plunges Again: Start of Another Decline Or Buying Opportunity

2023-05-25 04:13:28

Ethereum price started a fresh decline below the $1,820 support against the US Dollar. ETH is showing bearish signs and might decline further toward $1,700.

Ethereum is currently moving lower below the $1,820 support zone.
The price is trading below $1,800 and the 100-hourly Simple Moving Average.
There are two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue lower toward the $1,720 and $1,700 levels.

Ethereum Price Extends Losses

Ethereum’s price failed to recover above the $1,850 resistance zone. ETH started a fresh decline and traded below the $1,820 support zone, similar to Bitcoin.

The decline gained pace below the $1,800 level. The price tested the $1,760 zone. A low is formed near $1,761 and the price is now consolidating losses. Ether is trading below $1,800 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,785 zone and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low.

The first major resistance is near the $1,820 level and second the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low. A close above the $1,820 resistance could send Ether toward $1,850.

Source: ETHUSD on TradingView.com

The next resistance sits near $1,880, above which Ethereum could rise toward $1,920. Any more gains above the $1,920 resistance zone could start a steady increase toward the $2,000 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,760 level.

The next major support is near the $1,720 zone. The main support could be near $1,700. If there is a close below the $1,700 support, the price could accelerate lower. In the stated case, the price might drop toward the $1,640 support zone. Any more losses may perhaps send the price toward the $1,600 level.

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 – $1,760

Major Resistance Level – $1,820

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