Ethereum failed to break above the $1,880 resistance level and has since declined against the US Dollar. ETH is struggling and may continue to fall towards the $1,790 support level.
- The overall performance of the cryptocurrency market.
- Any news or announcements related to Ethereum, such as the launch of new features or upgrades.
- The performance of the underlying economy.
- Any changes in regulatory policies.
- Ethereum Price Fails Again
Ethereum’s price tried to rise above the $1,850 resistance level, but bears were active near $1,880 and the price began to fall again, similar to Bitcoin.
The price of Ethereum fell from the $1,873 high and traded below the $1,850 support level. The price also fell below the 50% Fibonacci retracement level of the uptrend from the $1,792 swing low to the $1,873 high. ETH is now trading below $1,830 and the 100-hour Simple Moving Average.
A bearish trend line is forming on the hourly chart of ETH/USD, with resistance near $1,840. The immediate resistance is near $1,830 and the 100-hour Simple Moving Average.
If ETH fails to break above $1,840 resistance, it could continue to fall. The initial support is near $1,810 and the 76.4% Fibonacci retracement level of the uptrend from $1,792 to $1,873.
The next major support for ETH is near $1,790. The main support is at $1,770. If the price closes below $1,770, it could gain bearish momentum and drop to $1,720. Further losses could push the price to $1,650 in the coming sessions.
Here are some other factors that could affect the price of Ethereum:
- Overall market sentiment
- News and events related to Ethereum
- Technical indicators
- Regulatory changes
It is important to remember that the cryptocurrency market is volatile and prices can fluctuate rapidly. It is always advisable to do your own research before making any investment decisions.