Ethereum price has been experiencing a downturn after trading close to the $1,950 level. The price recently dropped below the $1,850 level and tested the $1,805 support area. Currently, it is consolidating losses above the $1,800 zone and trading close to the $1,850 resistance.
If Ethereum price fails to break the $1,880 resistance, it is likely to resume its downward movement. The initial support is near the $1,800 level. Should the price break below $1,800, the next major support is near $1,780, followed by $1,740. A daily close below $1,740 may start a long term decline towards the $1,700 area.
On the upside, the $1,880 level is likely to act as a crucial resistance. A close above the $1,880 may start a fresh upward move towards the $1,920 resistance level. Above this, the price may achieve the $1,950 and $2,000 resistance levels.
The hourly MACD is gaining strength in a bearish zone, while the hourly RSI is below 50. The major support level is near $1,800, while the major resistance is near the $1,880 level.
Angelica Morris
- 2023-05-02
Ethereum Price Downturn After Testing $1,950
Ethereum price has been experiencing a downturn after trading close to the $1,950 level. The price recently dropped below the $1,850 level and tested the $1,805 support area. If Ethereum price fails to break the $1,880 resistance, it is likely to resume its downward movement, with the initial support is near the $1,800 level.
