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Ethereum Price Prints Bearish Technical Pattern, Why It Could Extend Losses

August 16, 2023
in Bitcoin
Reading Time: 2 mins read
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Ethereum value is transferring decrease under the $1,850 zone in opposition to the US Greenback. ETH may lengthen losses and commerce under the $1,800 help.

Ethereum is slowly transferring decrease under the $1,850 and $1,840 resistance ranges.
The worth is buying and selling under $1,840 and the 100-hourly Easy Shifting Common.
There’s a key bearish development line forming with resistance close to $1,835 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
The pair may drop additional under the $1,800 help within the close to time period.

Ethereum Value Turns Crimson

Ethereum’s value struggled to get well above the $1,860 resistance zone. ETH remained in a bearish zone and prolonged its decline under the $1,850 stage, just like Bitcoin.

There was a transparent transfer under the $1,830 help and the worth declined towards $1,800. A low is shaped close to $1,811 and the worth is now consolidating losses. There was a restoration wave above the $1,820 stage. The worth climbed above the 23.6% Fib retracement stage of the current decline from the $1,854 swing excessive to the $1,811 low.

Ether is now buying and selling under $1,840 and the 100-hourly Easy Shifting Common. There’s additionally a key bearish development line forming with resistance close to $1,835 on the hourly chart of ETH/USD.

On the upside, the worth may face resistance close to the $1,835 stage or the development line. It’s near the 50% Fib retracement stage of the current decline from the $1,854 swing excessive to the $1,811 low. The subsequent resistance is close to $1,840 or the 100-hourly Easy Shifting Common.

Ethereum Price

Supply: ETHUSD on TradingView.com

The primary key resistance is close to the $1,850 stage. The subsequent key resistance is close to the $1,860 stage. A detailed above the $1,860 stage may begin a good improve towards $1,900. Any extra features may ship the worth towards the $1,920 pivot stage, above which the worth may rise towards the $2,000 zone.

Extra Losses in ETH?

If Ethereum fails to clear the $1,840 resistance, it may proceed to maneuver down. Preliminary help on the draw back is close to the $1,810 stage.

The primary main help is close to the $1,800 zone. If the bulls fail to guard the $1,800 help, there might be extra losses. The subsequent main help is close to the $1,760 help stage. Any extra losses may ship the worth towards the $1,720 stage within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now under the 50 stage.

Main Assist Stage – $1,800

Main Resistance Stage – $1,850

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Tags: BearishEthereumExtendLossespatternPricePrintstechnical
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