LATEST CRYPTO NEWS – Ethereum Breaches Key Demand Wall – What’s Next for ETH?
Hey there, crypto fam! So, here’s the scoop on our friend Ethereum. The digital champ took a shot at a solid increase, aiming to muscle its way past that stubborn $1,850 resistance zone. But oh boy, ETH was met with a resounding “not today” near the $1,880 zone. Yes, much like Bitcoin, it couldn’t quite make the leap.
Next thing we know, Ethereum’s price takes a bit of a tumble, sliding sharply below the $1,850 level. It even hit a low of $1,792. But don’t fret! Our tenacious champ managed a comeback, picking itself up and trading back up to $1,865. You gotta love the resilience!
Now, we’ve got a high forming near $1,865, but the price seems to be taking another stroll downhill. Here’s the kicker, it dipped below the 50% Fib retracement level of its recovery rally from the $1,792 low to the $1,865 high. Talk about a roller coaster ride!
Things aren’t looking too rosy right now, though. Ethereum is trading below $1,850 and also under the 100-hourly Simple Moving Average. And just to spice things up, there’s a cheeky bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD.
So, what’s next? Well, we’ve got immediate resistance near the $1,835 level, and then the next hurdle is at $1,840. If Ethereum can pull a Houdini and get past that, it might get a chance to test the 100-hourly Simple Moving Average. But the big boss to beat is now forming near the $1,880 level. If ETH can land a solid punch and close above that $1,880 resistance zone, we might see it flexing its muscles toward the $1,920 resistance. And who knows? With enough momentum, we could see it eyeing that sweet $1,975 resistance spot.
But hold on to your hats, because it’s not all sunshine and rainbows. If Ethereum can’t push past the $1,840 resistance, we might see it continue its downward journey. We’ve got support on the downside near the $1,820 level, around the 61.8% Fib retracement level of its previous rally from the $1,792 low to the $1,865 high.
And if that doesn’t hold? Well, we’ve got major support near the $1,800 zone. If Ethereum takes a nosedive, breaks through, and closes below $1,800, we might be in for a bit of a rough ride. In this scenario, the price could potentially tumble toward the $1,740 support zone. And if the downward spiral continues, we might see Ethereum flirting with the $1,650 level in the near term.
So there you have it! Keep your eyes peeled and stay tuned for more crypto news. And remember, this is not financial advice, just friendly chit-chat. Keep it real, and let’s see where this rollercoaster takes us next!