January 29, 2023

Ethereum Falls But Might Start New Increase

Ethereum is Trading Under $2,000

The Ethereum token tried to secure the resistance levels of $2.085 and $2.100. But it failed in its bid to achieve the needed strength for that feat. It, therefore, formed a near-term top close to the level of $2.085.

A bearish reaction was seen under the support area of $2,050. Aside from that, there was equally a break under a significant bullish trend line. The bullish trend line has its support level close to $2,000 on the ETH/USD hourly chart.

Also, there was a movement under the 50% Fibonacci retracement point of the upward movement. This upward movement came from the $1.920 dip down to the $2,085 move up.

The price of Ethereum is now moving under $2,000 and the. It is equally under the 100-period simple moving average. It went as far as testing the 76.4% Fibonacci retracement point of the upward increase.

It once again went from a $1.920 dip to a $2,085 movement up. The first important point of resistance is close to the 100-period simple moving average. The major point of resistance is currently forming close to $2,085

Any close over the $2,085 point has the potential of opening doors to more increases. In the case at hand, the price of Ethereum could rise in the direction of $2,150. Further gains could, probably, send it towards the $2,200 resistance area.

Is Ethereum Losing More?

If Ethereum does not recover over the resistance point of $2,000, it might drop further. The first point of support on the decline is close to the $1,960 area.

After that, the other line of support is close to the $1,920 area. A close under the $1,920 area might restart a rapid downward trend. In the examined case, the price could still dip to $1,900.

Therefore, the next significant level of support might be close to $1,800 and $1,780. All these are envisaged in the short term.

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