Ethereum Price Just Signaled “Sell” And It’s Vulnerable to More Losses

May 8, 2023 04:00 am Cryptocurrency 94

Ethereum price started a fresh decline below the $1,920 level against the US Dollar. ETH could extend losses if there is a clear move below the $1,840 support.

Ethereum is moving lower from the $1,940 resistance zone.

The price is trading below $1,900 and the 100-hourly Simple Moving Average.

There is a major bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if there is a clear move below $1,840.

Ethereum Price Takes Hit

Ethereum’s price struggled to clear the $2,000 resistance zone and started a fresh decline. ETH traded below the $1,920 and $1,900 support levels to enter a bearish zone, similar to Bitcoin.

The price even traded close to $1,840. A low is formed near $1,843 and the price is now consolidating losses. It is trading below $1,900 and the 100-hourly Simple Moving Average. There is al ..

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