TA: Ethereum Could Take Hit As The Bulls Show Weak Hands

• Aayush Jindal
• 18 Aug, 2022

Ethereum extended losses below the $1,850 support against the US Dollar. ETH could decline further if there is a clear move below the $1,800 level.

Ethereum started a fresh decline from the $1,950 resistance zone. The price now trades below $1,900 and the 100 hourly simple moving average.

A major bearish trend line is forming with resistance near $1,920 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bearish momentum if there is a clear move below the $1,800 level.

Ethereum Price Remains At Risk

Ethereum remained in a bearish zone below the $2,000 resistance zone. ETH traded below the $1,850 support zone to move further into a bearish area.

The decline found support near the $1,820 level. Ether price is now consolidating losses above the $1,820 level. It now trades below $1,900 and the 100 hourly simple moving average.
 

The bears are active near the 23.6% Fib retracement level of the recent decline from the $1,956 swing high to the $1,820 low. Immediate resistance on the upside is near the $1,885 level and the 100 hourly simple moving average.

It is near the 50% Fib retracement level of the recent decline from the $1,956 swing high to the $1,820 low. The primary resistance is now forming near the $1,900 and $1,920 levels.
 

A significant bearish trend line is forming with resistance near $1,920 on the hourly chart of ETH/USD. A clear move above the $1,920 resistance could push the price towards the $1,950 level.

The price must clear the $1,950 level to move into a positive zone. The price may rise towards the $2,000 level in the stated case.

More Losses in ETH?

If Ethereum fails to rise above the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,820 zone.

The next significant support is near $1,800, below which there could be more losses. In the stated case, ether price may decline towards the $1,760 level. Any more losses may open the doors for a move towards the $1,700 level. - newsbtc

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