Highlights of the storyThe price of Ethereum is losing the increase at the close of the previous trading day, suggesting that it may fall below 1800 dollarsIn addition, the possibility of a bullish breakthrough is relatively low, but bears seem to have more power than bulls, which may not maintain a bullish situation for the long termA few hours ago, the price of Ethereum reached the level of more than $1900, but failed to maintain, leading to a significant pullback to the current level of about $1862. Although the token has shown strong strength in the past 7 days, it is expected that the price decline trend will continue
Highlights of the story
- The price of Ethereum is losing the increase at the close of the previous trading day, suggesting that it may fall below 1800 dollars
- In addition, the possibility of a bullish breakthrough is relatively low, but bears seem to have more power than bulls, which may not maintain a bullish situation for the long term
A few hours ago, the price of Ethereum reached the level of more than $1900, but failed to maintain, leading to a significant pullback to the current level of about $1862. Although the token has shown strong strength in the past 7 days, it is expected that the price decline trend will continue. Although some people may believe that this is an accumulation of power, the technical aspect indicates a loss of power, which may further reduce prices to lower support levels.
The attempt by the second largest token to break through the main resistance level of $1920 failed as the bulls quickly lost control. However, ETH prices continue to trade at resistance levels, but the possibility of a bullish breakthrough is relatively low. Mainly because bulls fail to create purchasing pressure, which may make the job of bears easier.
The ETH price has remained above the temporary support level of $1845 for more than 7 consecutive days, so it seems confident in a significant increase. Unfortunately, prices have formed a pattern similar to the peak period in April, leading to a significant decline. In addition, RSI is also bearish, indicating that if prices fail to maintain temporary support, they may fall to the next target of $1758. However, if we fail to hold onto this position, prices will significantly plummet to the triangular support level below $1700.
Currently, the ETH price is trading at a breakeven price around $1865.31, with the main support level around $1840. It is expected that there may be a slight rebound at these levels, but if the price continues to decline, it may soon fall below the $1800 mark. However, the short-term RSI and MACD are relatively short, with the main resistance level still around $1900. Therefore, the price trend of either party may determine the next action plan for Ethereum prices to continue trading under the influence of bearish.
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