Ethereum Price at Clear Risk of Further Losses After Multiple Rejections

2023-06-05 04:10:11

Ethereum price started a fresh decline from the $1,920 resistance against the US Dollar. ETH is moving lower and might dive below the $1,850 support.

Ethereum is struggling to gain bullish momentum above the $1,920 resistance.
The price is trading below $1,900 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support near $1,895 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down toward the $1,840 and $1,800 levels.

Ethereum Price Faces Another Rejection

Ethereum’s price attempted another increase above the $1,900 resistance. However, ETH struggled to clear the $1,920 resistance and started another decline, similar to Bitcoin.

There was a move below the $1,900 support zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $1,838 swing low to the $1,914 high. Besides, there was a break below a key bullish trend line with support near $1,895 on the hourly chart of ETH/USD.

Ether is now trading below $1,900 and the 100-hourly Simple Moving Average. It is also testing the 61.8% Fib retracement level of the upward move from the $1,838 swing low to the $1,914 high.

If the price stays above the $1,865 support, it could attempt a fresh increase. Immediate resistance is near the $1,900 zone and the 100-hourly Simple Moving Average. The next major resistance is near the $1,900 level. A proper move above the $1,900 and $1,920 resistance levels might send Ether toward $1,940.

Source: ETHUSD on TradingView.com

The next resistance sits near $1,965, above which Ethereum could rise toward $2,000. Any more gains above the $2,000 resistance zone might send the price toward the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,868 level.

The next major support is near the $1,855 zone. If there is a break below the $1,855 support, the price could decline toward the $1,840 support. Any more losses may perhaps send the price toward the $1,800 level or even $1,740 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 – $1,840

Major Resistance Level – $1,900

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