TA: Ethereum Uptrend Vulnerable Unless It Surges Past $1,900
August 19 2022 - 12:48AM
NEWSBTC
Ethereum extended losses below the $1,820 support against the US
Dollar. ETH could decline further if it fails to start a recovery
wave above the $1,900 level. Ethereum started a fresh decline and
traded below the $1,900 level. The price is now trading below
$1,880 and the 100 hourly simple moving average. There is a key
bearish trend line forming with resistance near $1,880 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
continue to move down if there is a clear move below the $1,800
level. Ethereum Price Turns Red Ethereum followed a bearish path
after it settled below the $1,900 level. ETH traded below the
$1,850 support zone and increased pressure on the bulls. The bears
even pushed the price below the $1,820 level, but the price stayed
above the $1,800 level. A low is formed near $1,806 and the price
is now consolidating losses. Ether price is now trading below
$1,880 and the 100 hourly simple moving average. An immediate
resistance on the upside is near the $1,840 level. It is near the
23.6% Fib retracement level of the recent drop from the $1,955
swing high to $1,806 low. The first major resistance is now forming
near the $1,880 level and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near
$1,880 on the hourly chart of ETH/USD. The trend line is near the
50% Fib retracement level of the recent drop from the $1,955 swing
high to $1,806 low. Source: ETHUSD on TradingView.com A clear move
above the $1,880 resistance could even push the price above the
$1,900 resistance. The next major resistance is near the $1,920
level, above which the price may perhaps move into a positive zone.
More Losses in ETH? If ethereum fails to rise above the $1,880
resistance, it could continue to move down. An initial support on
the downside is near the $1,800 zone. The next major support is
near $1,780, below which ether price might accelerate lower. In the
stated case, the price may perhaps decline towards the $1,750
level. Any more losses may perhaps open the doors for a move
towards the $1,650 level. Technical Indicators Hourly MACD – The
MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major
Support Level – $1,800 Major Resistance Level – $1,880
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