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Saturday, February 17, 2024

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Ethereum Key Indicators Suggest Strengthening Case For More Losses

Ethereum found support near $1,760 and corrected higher against the US Dollar. ETH is now facing a major resistance near $1,850 and $1,880.

Ethereum is slowly moving higher and trading above $1,800.
The price is now trading below $1,880 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might start a fresh decline unless there is a clear move above $1,880 and $1,920.

Ethereum Price Faces Resistance
Ethereum extended decline below the $1,850 support zone. It even spiked below the $1,800 before the bulls appeared near the $1,760 zone.
A low was formed near $1,762 and the price started a recovery wave. The price climbed above the $1,800 resistance level. Ether price even moved above the 23.6% Fib retracement level of the downward move from the $2,015 swing high to $1,762 low.
However, the bears are currently protecting more gains above the $1,850 level. It is also trading below $1,880 and the 100 hourly simple moving average.
On the upside, an initial resistance is near the $1,860 level and the 100 hourly simple moving average. The next major resistance is near the $1,880 zone. It is near the 50% Fib retracement level of the downward move from the $2,015 swing high to $1,762 low.

Source: ETHUSD on TradingView.com
There is also a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD. A clear move above the trend line and the $1,920 resistance might start a decent increase. In the stated case, the price could revisit $2,000, above which it could test $2,050.
Fresh Decline in ETH?
If ethereum fails to recover above the $1,920 resistance, it could start another decline. An initial support on the downside is near the $1,800 zone.
The next major support is near the $1,760 level. A clear move below the $1,760 level might spark a major decline. The next major support might be $1,720. Any more losses could send the price towards the $1,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now struggling to clear the 50 level.
Major Support Level – $1,760
Major Resistance Level – $1,920

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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