Ethereum Price Struggles as Support Levels Threaten Further Decline

The failure of Ethereum's price to break past the $2,000 barrier zone resulted in a new decrease in its worth.

Arslan Butt•Monday, May 8, 2023•1 min read

The failure of Ethereum’s price to break past the $2,000 barrier zone resulted in a new decrease in its worth. Ethereum has entered a negative zone like Bitcoin, having fallen below the $1,920 and $1,900 support levels. The current low is around $1,843, and the price is consolidating its losses after coming close to $1,840. On the hourly ETH/USD chart, a major negative trend line is forming resistance near $1,900, and the cryptocurrency is trading below $1,900 and the 100 hourly Simple Moving Average.

The recent decline from the $1,936 high to the $1,843 low has met first resistance near the $1,890 level, which is close to the 50% Fib retracement level of that decline. The biggest resistance is at $1,915; the next major obstacle is near the trend line and $1,900. If Ethereum manages to close above $1,915, it might surge to the $1,940 resistance, and further advances could push it to the $2,000 obstacle or perhaps the $2,050 resistance. The price of bitcoin will likely encounter new highs near $2,120.

If Ethereum is unable to break through the $1,900 barrier, the price may continue to fall. The most recent low (about $1,840) serves as an early support level, with the $1,800 zone providing the next line of defence. If the ether price drops below that, it could find support at $1,740, and if it continues to fall, it could soon reach the $1,700 mark.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.