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

Jun 12, 2023 04:00 am Cryptocurrency 85

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 fo ..

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