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Ethereum Price Struggles as Support Levels Threaten Further Decline

Posted Monday, May 8, 2023 by
Arslan Butt • 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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