Ethereum Price Grinds Lower As The Bulls Take Back Seat

2023-06-29 04:35:07

Ethereum price is slowly moving lower below the $1,880 level against the US Dollar. ETH is still at risk of a move toward the $1,790 support.

Ethereum is moving lower from the $1,920 resistance.
The price is trading below $1,880 and the 100-hourly Simple Moving Average.
There is a short-term bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further toward the $1,790 support in the near term.

Ethereum Price Moves Toward $1,790

Ethereum’s price remained well below the key $1,920 resistance zone. ETH slowly moved lower below the $1,880 and $1,865 levels. It even traded to a new weekly low below $1,840, unlike Bitcoin.

A low is formed near $1,817 and the price is now consolidating losses. The price is trading below the 23.6% Fib retracement level of the recent drop from the $1,912 swing high to the $1,817 low. There is also a short-term bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD.

Ether is showing bearish signs below $1,880 and the 100-hourly Simple Moving Average. If Ethereum manages to stay above $1,820, it could rise again.

Immediate resistance is near the $1,845 level or the trend line. The next major resistance is near the $1,865 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the recent drop from the $1,912 swing high to the $1,817 low.

Source: ETHUSD on TradingView.com

The first key resistance is near the $1,880 level. The key breakout zone is still near the $1,920 and $1,930 levels. A close above the $1,930 zone could start a fresh rally. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,865 resistance, it could continue to move down. Initial support on the downside is near the $1,820 level.

The next major support is near the $1,790 level. If there is a move below $1,790, the price could drop toward $1,740. Any more losses may perhaps send the price toward the $1,720 support.

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 – $1,790

Major Resistance Level – $1,865

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