Ethereum Drops 7percent, Why ETH Topside Bias Vulnerable
Categories: US ETHERUM NEWS
Ethereum Price Reverses Gains Ethereum failed to clear the $2,000 resistance zone. There was a sharp bearish reaction below the $1,950 and $1,920 support levels.There was a break below a major contracting triangle with support near $1,900 on the hourly chart of ETH/USD. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $1,705 swing low to $2,015 high.Ether price declined below the $1,840 support and even dived below $1,800. It tested the next major support at $1,760. It is now correcting gains and trading above $1,800. The price is also trading near the 23.6% Fib retracement level of the recent decline from the $2,015 swing high to $1,762 low. On the upside, an initial resistance is near the $1,835 level. The next major resistance is near the $1,888 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $2,015 swing high to $1,762 low. More Losses in ETH? If ethereum fails to recover above the $1,888 resistance, it could extend its decline. An initial support on the downside is near the $1,785 zone.The next major support is near the $1,760 level. A downside break below the $1,760 level might send the price towards $1,720. Any more losses could initiate a move towards the $1,650 level in the near term, where the bulls might emerge.