Ethereum Price Indicators Suggest A Strong Case For More Downsides

2023-07-18 03:57:37

Ethereum price corrected further lower below the $1,900 level against the US Dollar. ETH is showing bearish signs and might decline further toward $1,825.

Ethereum extended its decline and tested the $1,875 level.
The price is trading below $1,930 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further if it stays below the $1,910 and $1,940 resistance levels.

Ethereum Price Could Extend Losses

Ethereum’s price made a fresh attempt to start a decent increase above the $1,950 resistance. However, ETH struggled to gain strength for a move above $1,950.

A high was formed near $1,943 and the price reacted to the downside. There was a break below the $1,900 support zone. A new weekly low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,890 and $1,900 levels.

There was a move above the 50% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low. Ether is now trading below $1,930 and the 100-hourly Simple Moving Average.

On the upside, immediate resistance is near the $1,910 level. There is also a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,950 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,030 level. Any more gains could send Ether toward the $2,120 resistance or even $2,200.

More Losses in ETH?

If Ethereum fails to clear the $1,910 resistance, it could start a fresh decline. Initial support on the downside is near the $1,890 level.

The first major support is near the $1,875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. Any more losses could send Ether toward the $1,780 support level in the near term.

Technical Indicators

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

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

Major Support Level – $1,875

Major Resistance Level – $1,910

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