Ethereum price dropped below $1,900 with a new sharp breakout this time. Let’s take a look at the latest developments in the ETH/USD pair and key support and resistance levels.
Current Ethereum technical analysis: What happens to the ETH price?
Although Ethereum (ETH) price rose rapidly to the $ 2,100 region, it received a harsh rejection from here. The leading altcoin, which consolidated at the resistance here for a while, then experienced a sharp decline. As a result of this decline, it came below the psychological level of $ 2,000. The leading altcoin, which has been trying to find support in the $ 1,900 region for a while, is now experiencing a new sharp decline towards $ 1,800 with a fresh break.
We see this on the daily chart of the ETH/USD pair. Ethereum price formed a giant 8 percent red bearish candle on April 19. It tried to establish support at $1,900, recovering slightly with a green candle the previous day, but failed. At the same time, Ethereum price, which tested the $ 1,700 support at the end of March, formed an ascending trend line here. The rise to $2,100 also started from this trend line in the middle of this month. It has now slipped below this trendline and started a new sharp decline. A new big red candle of 4.86 percent came in towards $1,800.
Ethereum price support and resistance levels
For support and resistance levels in Ethereum price in the short term, let’s look at the 4-hour chart of the ETH/USD parity. The first thing to notice on this chart is that the $1,840 support we mentioned in the previous KoinMedya.com Ethereum technical analysis is the region where the last definitive drop stopped. This is also the upper limit of the trading range formed in the previous months. If this support is broken, ETH price will return to the trading range extending up to $ 1,700.
The first critical support for Ethereum price after recent developments is around $1,840. If there is more regression, the support of $ 1,700 stands out on this chart. Ahead, we can now expect $1,930 to be the main resistance. Previously, the 200 SMA simple moving average line near $1,875 could act as resistance.
In summary, the key support and resistance levels for Ethereum are as follows:
- Support levels: $1,840 and $1,700
- Resistance levels: $1,875 and $1,930
Ethereum technical indicators
MACD of technical indicators is in bearish zone. The RSI indicator, on the other hand, turned below the oversold 30 level again. You can refer to the explanations below for what the technical indicators mean.
