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Sunday, September 24, 2023
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    HomeMarketEthereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are...

    Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets

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    Ethereum worth is displaying bearish indicators beneath the $1,840 zone in opposition to the US Greenback. ETH might drop additional towards the $1,720 help zone.

    • Ethereum is gaining bearish momentum beneath the $1,850 and $1,840 resistance ranges.
    • The value is buying and selling beneath $1,830 and the 100-hourly Easy Shifting Common.
    • There’s a connecting bearish pattern line forming with resistance close to $1,820 on the hourly chart of ETH/USD (knowledge feed through Kraken).
    • The pair might drop additional if it stays beneath $1,850 within the coming days.

    Ethereum Worth Extends Losses

    Ethereum’s worth did not recuperate above the $1,850 resistance zone. ETH remained in a bearish zone and prolonged its decline beneath the $1,820 stage, just like Bitcoin.

    The bears have been in a position to push the worth beneath the $1,800 stage. A low is fashioned close to $1,778 and the worth is now consolidating losses. There was a restoration wave above the $1,795 stage. The value is now buying and selling close to the 23.6% Fib retracement stage of the latest drop from the $1,853 swing excessive to the $1,778 low.

    Ether is now buying and selling beneath $1,830 and the 100-hourly Simple Moving Average. There may be additionally a connecting bearish pattern line forming with resistance close to $1,820 on the hourly chart of ETH/USD.

    On the upside, the worth would possibly face resistance close to the $1,815 stage or the pattern line. It’s near the 50% Fib retracement stage of the latest drop from the $1,853 swing excessive to the $1,778 low. The subsequent resistance is close to $1,830 or the 100-hourly Easy Shifting Common.

    Ethereum Price

    Supply: ETHUSD on TradingView.com

    The primary key resistance is close to the $1,835 stage. The subsequent key resistance is close to the $1,850 stage. A detailed above the $1,850 stage might begin a good improve towards $1,880. Any extra beneficial properties would possibly ship the worth towards the $1,920 resistance, above which the worth might rise towards the $2,000 zone.

    Extra Losses in ETH?

    If Ethereum fails to clear the $1,820 resistance, it might proceed to maneuver down. Preliminary help on the draw back is close to the $1,780 stage.

    The primary main help is close to the $1,750 zone. If the bulls fail to guard the $1,750 help, there might be extra losses. The subsequent main help is close to the $1,720 help stage. Any extra losses would possibly ship the worth towards the $1,650 stage within the close to time period.

    Technical Indicators

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

    Hourly RSIThe RSI for ETH/USD is now beneath the 50 stage.

    Main Help Degree – $1,780

    Main Resistance Degree – $1,820



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