TA: Ethereum (ETH) Tumbles, Why Key Indicators Suggest More Pain

TA: Ethereum (ETH) Tumbles, Why Key Indicators Suggest More Pain


Ethereum declined below the main $2,000 support zone against the US Dollar. ETH price is showing bearish signs and it remains at a risk of more downsides below $1,800.

Ethereum extended its decline below the $2,000 and $1,920 levels. The price is now trading well below the $2,000 resistance and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,940 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue lower below the $1,850 and $1,820 support levels. Ethereum Price Dives 8%

There was no major recovery in ethereum above the $2,100 level, similar to bitcoin. As a result, ETH saw another decline and it broke the main $2,000 support zone.

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The price gained pace below the $1,950 support and it settled well below the 100 hourly simple moving average. A low is formed near $1,864 and the price is now consolidating losses.

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