Ethereum Price is Struggling, But It's Too Early to Say Bulls Have Given Up

Ethereum Price is Struggling, But It's Too Early to Say Bulls Have Given Up

March 28, 2023

Ethereum price started a fresh decline from the $1,800 resistance against the US Dollar. ETH could decline further if the bulls fail to protect the $1,680 support.

  • Ethereum started a downside correction below $1,780 and $1,750.
  • The price is trading below $1,750 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline if it stays below $1,740 and $1,750.

Ethereum Price Extends Decline

Ethereum price struggled to gain pace above the $1,800 resistance zone. ETH traded as high as $1,801 and recently started a fresh decline. There was a clear move below the $1,750 support zone.

The price declined over 3% and traded below $1,720, similar to bitcoin. A low is formed near $1,687 and the price is now consolidating losses. It is now consolidating near the 23.6% Fib retracement level of the recent decline from the $1,801 swing high to $1,687 low.

Ether price is also trading below $1,750 and the 100 hourly simple moving average. Besides, there is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $1,745 zone and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $1,801 swing high to $1,687 low. The next major resistance is near the $1,760 zone. A clear move above the $1,760 resistance zone might start a steady increase.

Source: ETHUSD on TradingView.com

The next major resistance might be $1,800. Any more gains could set the pace for a test of the $1,860 resistance zone in the near term.

Downside Break in ETH?

If ethereum fails to clear the $1,745 resistance, it could start another decline. An initial support on the downside is near the $1,700 level.

The next major support is near the $1,685 zone. If there is a break below $1,685, the price might gain bearish momentum and drop towards $1,600. Any more losses might call for a test of the $1,550 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,685

Major Resistance Level – $1,745

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