Ethereum Price Hints At Potential Short-term Downtrend, Sell Rallies? – NewsBTC

Ethereum price is struggling to clear the $1,900 resistance against the US Dollar. ETH could gain bearish momentum if there is a close below $1,850.
Ethereum’s price made another attempt to settle above the $1,900 level. However, ETH failed to gain bullish momentum above the $1,900 resistance and started a fresh decline, similar to Bitcoin.
The price declined below the $1,885 and $1,875 levels. The bulls are now active above the $1,860 level. A low is formed near $1,863 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD.
Ether is trading below $1,900 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,885 level. It is close to the 50% Fib retracement level recent drop from the $1,903 swing high to the $1,863 low.
The first major resistance is near the $1,890 level or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level recent drop from the $1,903 swing high to the $1,863 low.

Source: ETHUSD on TradingView.com
The next major resistance is near the $1,900 level and the trend line, above which the price could test the main resistance at $1,920. Any more gains could send Ether toward the $2,000 resistance in the near term.
If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,865 level.
The first major support is near the $1,850 level, below which the price might gain bearish momentum. The next major support is near the $1,825 support level. A close below $1,825 could spark sharp bearish moves toward the $1,720 level. Any more losses could open the doors for a move toward the $1,650 support 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 now below the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,900
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
© 2023 NewsBTC. All Rights Reserved.
© 2023 NewsBTC. All Rights Reserved.

source