Ethereum price faced a fresh decline this past week, reaching as low as $1,805 against the US Dollar. The ETH/USD pair is currently trading near the $1,860 support level and is at risk of dropping further. If the bears manage to break the key support level of $1,800 the price could decline toward $1,720. On the upside, the $1,910 and $1,940 resistance levels are important for the bulls to gain ground.
The 4-hour chart of ETH/USD is showing signs of a bearish trend with the pair trading below $1,880 and the 55 simple moving average (4 hours). The MACD is helping the bearish move with its momentum. The Relative Strength Index (RSI) is also in the bearish zone, which could increase downward pressure on the cryptocurrency.
If the $1,800 support level breaks, Ethereum could possibly decline to the $1,720 support level. To the upside, the bulls need to break the key resistance levels at $1,910 and $1,940 for the price to gain traction. In this scenario, the $2,000 level and perhaps even the $2,100 resistance level could be within reach.
Ethan Garcia
- 2023-05-02
Ethereum Price Decline, Supported at $1,860
Ethereum (ETH) price faced a fresh decline this past week, reaching down to $1,805 against the US Dollar. The $1,800 support is at risk of breaking, openning the door to fall down to $1,720, while investors will be looking to break the $1,910 and $1,940 resistance levels to gain ground.
