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Technical indicators suggest that ETH could drop to $1,788 soon
- (ETH) has been able to print a gain over the past 24 hours.
- Sellers on the ETH chart are trying to defend the $1,833 resistance.
- Technicals note that ETH could drop to $1,788 if buyers do not step in soon.
Leading altcoin market Ethereum (ETH) has printed a 24-hour gain in the last 24 hours according to CoinMarketCap. As a result, the price of the major altcoin has settled at $1,827.30 at press time. Despite this recent gain, the cryptocurrency is still at risk of a drop in its price in the next few days.
4-hour chart ETH/USDT (Source: TradingView)
Looking at the 4 hours chart, ETH price was trying to break above the key resistance level at $1,833. However, the bears have been applying selling pressure in an effort to defend the price point, which was evident by the wick above the most recent 4 hour candle.
Although ETH was trading bullish above the 9 and 20 EMA lines on the 4-hour chart, it could still face the possibility of a decline below the two EMA lines in the next 24 hours. If ETH price loses the support of the two Asian moving averages, it will drop to $1788 in the next 24-48 hours.
The main indicator to watch is the 4-hour RSI line which was looking to cross bearishly below the RSI SMA line. If this intersection occurs, the bearish thesis will be validated. However, a break above the aforementioned resistance at $1,833 in the next 24 hours will lead ETH to a rise to $1,851 in the next two days.
ETH/USDT Daily Chart (Source: TradingView)
Meanwhile, the daily chart for ETH was contradicting the downward trend indicated on the 4-hour chart. At press time, the daily RSI line was looking to cross above the daily RSI SMA line, which would be a noticeable bullish sign. If this flag is validated in the next 24 hours, it could see the cryptocurrency price rise to $1868 in the next 24-48 hours.
Given that the 4 hours chart is a more recent representation of ETH price movements, investors and traders may want to wait for the ETH price to break above the $1,833 resistance before looking to enter a long ETH trade. For additional confirmation, traders may also want to wait for ETH to close a daily candlestick above the 9-day EMA line.
Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
Subsequent technical indicators suggest that ETH could drop to $1,788 and soon the debut coin issuance.
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