Ethereum price formed a new support in the $1,800 region after the decline. Now it has come to this support once again. 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, experienced a new sharp decline towards $ 1,800 with a fresh break. Now it is trying to find support in this region.
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 then rallied slightly with a green candle, attempting to establish support at $1,900 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. It is retrying the support it formed in the $1,800 region today after a fresh 4.86 percent big red candle.
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. ETH price’s attempts to recover were blocked at the 200 SMA (at $1,881) the simple moving average line. From that, the dollar declined again towards the $1,840 support today.
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 is now $1,880 resistance. The zone with the 200 SMA. The main resistance is at $1,930. Although it provides support for a while during the decline, it can now act as resistance as it is broken.
In summary, the key support and resistance levels for Ethereum are as follows:
- Support levels: $1,840 and $1,700
- Resistance levels: $1,880 and $1,930
Ethereum technical indicators
The MACD of the technical indicators is somewhat in the bullish zone. The RSI indicator, on the other hand, is very close to the 30 level, which is still oversold. You can refer to the explanations below for what the technical indicators mean.
