Ethereum Price Topside Bias Vulnerable If ETH Drops Below $1,825

2023-07-13 04:24:48

Ethereum price failed again to clear the $1,900 resistance against the US Dollar. ETH is declining and might revisit the $1,825 support zone.

Ethereum topped near the $1,900 resistance and declined.
The price is trading below $1,880 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support near $1,875 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline toward $1,845 or even $1,825.

Ethereum Price Restarts Decline

Ethereum’s price made another to clear the key resistance at $1,900. However, ETH failed to gain pace above the $1,900 resistance and reacted to the downside, similar to Bitcoin.

A high was formed near $1,901 and the price declined below $1,880. There was a break below a key bullish trend line with support near $1,875 on the hourly chart of ETH/USD. The pair traded below the 76.4% Fib retracement level of the upward move from the $1,862 swing low to the $1,901 high.

Ether is now trading below $1,870 and the 100-hourly Simple Moving Average. It seems like the bears are in control and they might aim for a move below the $1,862 low.

Source: ETHUSD on TradingView.com

On the upside, immediate resistance is near the $1,880 level and the 100-hourly Simple Moving Average. The first major resistance is near the $1,890 zone. The main resistance is still near $1,900. A close above the $1,900 resistance could start a decent increase. The next major resistance is near the $1,955 level. Any more gains could send Ether toward the $2,000 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,860 level or the last swing low at $1,862.

The first major support is near the $1,845 level, below which the price might test the 1.618 Fib extension level of the upward move from the $1,862 swing low to the $1,901 high at $1,838. The next major support is near the $1,825 level. Any more losses could send Ether toward the $1,770 support level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,825

Major Resistance Level – $1,900

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