Ethereum’s Topside Bias Remains Vulnerable After 7% Drop

Ethereum’s topside bias remains vulnerable after the 7% drop over the past day while it did gain some bearish momentum after breaking the $1920 support line so it can now extend losses if it breaks the $1760 support so let’s read more today in our latest Ethereum news.

Ethereum started a fresh decline after breaking the $1920 support and now the price is trading below $1900 and there was a break below the major contracting triangle with support close to $1900 on the hourly chart for the ETH/USD pair. The pair tested the $1760 support and remained at a risk of more losses as ETH failed to clear the $2000 resistance with a sharp bearish reaction below the $1950 and the $1920 support levels.

The bears managed to push the price below the 61.8% fib retracement level from the upwards move of $1705 swing low to the $2015 high. Ether’s price dropped below the $1840 support and dropped below but then tested the $1760 support. The pair is now correcting gains and trading above the $1800 level. The price is trading near the 23.6% fib retracement level from the decline of $2015 swing high to $1762 low. The initial resistance is close to the $1835 level with the next major resistance nearing the $1888 level and the 100 hourly simple moving average and near the 50% fib retracement level from the drop of $2015 high to the $1762 low.

A move above the $1888 level could push the price to the main resistance at $1920 and more gains could send it towards the $2000 resistance zone. If ETH fails to recover above the $1888 resistance, it can extend the drop and the initial support is near the $1758 zone. Ethereum’s topside bias remains vulnerable with the major support nearing the $1760 level and the downside break below this level could send the price to $1720. More losses could initiate a move to $1650 where the bulls might emerge. The MACD for the pair is losing momentum in the bearish zone and the ETH/USD is below the 40 levels.

As recently reported, The ETH/USD trading pair pulled the biggest number of traders from January to March 2022 and in the reports from Capital.com, the biggest number of traders was held by DOGE in 2021 to the USD pair. However, the ETH/USD pair took the spot for most traders on the trading platform for the first time. The report noted that the crypto turnover went up by 93% in the quarter and despite the positive statistic, the report admitted that the increase in revenue doesn’t show the broader market trends because the number was reached by a few single-day spikes in volume.