Daily Price Outlook
- Ethereum’s price has dropped to $1,824, following Bitcoin’s bearish trend.
- The 50-day moving average suggests potential support around $1,835.
- Bearish indicators such as the RSI and MACD indicate a downward sentiment, urging investors to monitor the $1,835 level for further downside potential.
Ethereum, the second-largest cryptocurrency, has mirrored Bitcoin’s bearish trend, with its price dropping to $1,824. The 50-day moving average on both daily and hourly timeframes suggests potential support around $1,835. A bearish engulfing candle further confirms the downward trend, indicating seller dominance and weakening buyer activity.
Downside potential indicates a possible target of $1,810, with the hourly trendline extending to the psychological level of $1,800. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are currently in the bearish zone, with RSI below 50 and MACD below zero, reflecting a bearish sentiment.
Investors should closely monitor the $1,835 level as a break below it could lead to further downside momentum, potentially testing support levels at $1,800 or $1,885. On the upside, if Ethereum surpasses $1,835 and reaches $1,838, resistance levels at $1,850 or $1,875 may come into play.
ETH/USD Price Chart – Source: Tradingview
ETH/USD - Trade Idea
Entry Price – Sell Below 1830
Stop Loss – 1840
Take Profit – 1795
Risk to Reward – 1 : 3.5
Profit & Loss Per Standard Lot = +$350/ -$100
Profit & Loss Per Micro Lot = +$35/ -$10
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