Ethereum has been consistently falling below the $1,800 support in the past few days against the US Dollar. The bears have managed to push the price below the support levels, forming a new weekly low at $1,770 and leaving ETH trading within the bearish zone.
The most immediate resistance for Ethereum appears to be the $1,830 level, the 50% Fib retracement of the recent decline from the $1,888 swing high to the $1,770 low. A successful clearance of this level could open the doors for a quick rise in ETH price toward $1,880 and potentially further up to $1,920.
However, if Ethereum fails to clear the $1,830 resistance, it could very well continue sliding further down the charts. In such a case, the bears could gain strength and drag ETH to the next major support near the $1,740 level. If this support doesn't hold, the price could decrease sharply over the next several days, targeting the $1,650 support.
Overall, Ethereum appears to be in a bearish zone for now, with the bears hesitating at the $1,830 resistance. If the market conditions remain unchanged, ETH could be subject to further downsides in the near future, possibly towards the $1,650 support.
Gabriel Gray
- 2023-05-12
Ethereum Price Struggles With Bears Below
Ethereum is struggling to stay above the $1,830 level as it continues to slide further down the charts. The bears appear to be hesitating at the $1,830 resistance and if the market conditions remain unchanged, ETH could slide towards the $1,650 support.
![CandleFocus Ethereum-ETH-Price-Bears-1830-Resistance-1650-Support](https://images.candlefocus.com/Ethereum-Price-Struggles-With-Bears-Below.jpg)