Ethereum Price Could Avoid a Major Breakdown if it Closes Above One Key Level

2023-06-12 03:55:32

Ethereum price is moving lower from the $1,780 resistance against the US Dollar. ETH could decline heavily if there is a clear move below the $1,720 support.

Ethereum is struggling to clear the $1,780 and $1,800 resistance levels.
The price is trading below $1,800 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline heavily if there is a close below $1,720.

Ethereum Price Remains At Risk

Ethereum’s price attempted a fresh increase above the $1,775 and $1,780 resistance levels. ETH failed to gain bullish momentum above the $1,780 resistance, similar to Bitcoin.

Earlier, the price climbed above the 23.6% Fib retracement level of the key decline from the $1,854 swing high to the $1,718 low. The price is now back below $1,750 and showing bearish signs. There is also a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH/USD.

Ether is clearly struggling to clear $1,800 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,755 zone and the trend line. The next major resistance is near the $1,780 level. It is close to the 50% Fib retracement level of the key decline from the $1,854 swing high to the $1,718 low.

Source: ETHUSD on TradingView.com

A proper move above the $1,775 and $1,780 resistance levels might send Ether toward $1,850. The next resistance sits near $1,880, above which Ethereum could rise toward the key barrier at $1,920. Any more gains above the $1,920 resistance zone might send the price toward the $2,000 resistance.

More Downsides in ETH?

If Ethereum fails to clear the $1,755 resistance, it could continue to move down. Initial support on the downside is near the $1,720 level.

The next major support is near the $1,700 level. If there is a break and close below the $1,700 support, the price could decline toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 level or even $1,550 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,720

Major Resistance Level – $1,780

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