Ethereum price rebound is limited, how can we ensure profits!!
The price trend of Ethereum has attracted much attention, having broken below the key resistance level of $2000, and is currently in a consolidation phase with many challenges.
———— Breaking support, difficult rebound ————
Ethereum has once again broken below the $2000 support, with the current price below $1950 and the 100-hour moving average. The hourly ETH/USD chart shows a short-term bearish trend line, with resistance at $1890. To rise, it needs to break through $1890 and $1950. Ethereum has retreated from $2020, similar to Bitcoin, and after falling below the $2000 support, bears once broke through $1820. However, bulls fought back around $1750, with the price rebounding from the low of $1753, breaking through $1780 and $1850, and exceeding the 23.6% Fibonacci retracement level of the downward wave. However, it has now fallen below $1950 and the 100-hour moving average.
———— Significant resistance, many challenges to rise ————
The resistance above the price is at $1890, which coincides with the short-term trend line on the hourly chart. The next major resistance is at $1920, with the first major hurdle at $1950 (50% Fibonacci retracement level of the downward wave). Breaking through $1950 may lead to a rise above $2000, or even a short-term surge to $2120 or $2250.
———— Downside risks remain, beware of expanding losses ————
If it cannot break through $1890, the price may drop again. The initial support below is at $1845, with significant support at $1800. If it falls below $1800, the price may go to $1750, with further decline possibly to $1720, and the next support at $1650.
———— Technical indicators show ————
The ETH/USD hourly MACD shows weakening momentum in the negative zone, with RSI below 50. Currently, the main support level for Ethereum is $1800, and the main resistance level is $1890. The battle between bulls and bears is fierce, and the price trend has high uncertainty, requiring investors to closely monitor market dynamics.
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