Ethereum’s Price Crash: A Silver Lining For Smart Investors!

Although this is not good news for investors, there is hope for a rebound. The price has formed a low near $1,777 and is currently consolidating losses. There is a slow upward movement, which is above the 23.6% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low. However, Ethereum is still trading below $1,840 and the 100-hourly Simple Moving Average, so there is still a long way to go before the price can begin to climb back up.

The immediate resistance is near the $1,840 zone, with the next major resistance being the $1,850 level or the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low. A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900. If this happens, the next resistance sits near $1,920, above which Ethereum could rise toward $1,965. Any more gains above the $1,965 resistance zone might send the price toward the $2,000 resistance. In conclusion, while the current situation may be challenging, there is still hope for the price to recover and climb back up.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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