Thursday, May 23, 2024

Ethereum Price Prepares For The Next Move As Risk of Bounce Exceeds.

The price of Ethereum fell against the US Dollar after failing to hold a position over $2,000 for long. If there is a rise above $1,950, ETH may begin a new climb.

The Price of Ethereum Might Restart a rally.
The price of Ethereum overcame the $1,970 obstacle. Even after rising beyond $2,000, ETH was unable to extend its gains. Before there was a bearish reaction, a high was created around $2,027.

The 100-hourly Simple Moving Average and the $1,950 support area were breached. Even the $1,900 mark was tested by the pricing. The price has hit a bottom near $1,900 and is currently extending its losses. It is currently trading close to the 23.6% Fibonacci retracement level of the decline from the swing high of $2,027 to the low of $1,900.

Ether is currently trading below both the 100-hour Simple Moving Average and the $1,950 mark. On the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,930 is also developing.

On the upside, the $1,930 mark serves as immediate resistance. The price could advance towards the $1,975 resistance zone if it moves past the first significant resistance near the $1,950 area. It is very close to the 61.8% Fib retracement level of the decline from the swing high of $2,027 to the low of $1,900.
Near the $2,000 mark, there is the next significant obstacle. Ether might reach the $2,050 or possibly $2,120 resistance with any additional increases.

More ETH Losses?
Ethereum may experience a new slump if it is unable to overcome the $1,930 resistance. Near $1,920 is where initial support on the downside is located.

Near $1,900 is the first significant support, below which the price may start to trend downward. Near the $1,850 support level is the next significant level of support. Ether may soon move in the direction of the $1,825 support level if there are any additional losses.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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