Ethereum’s 2 % fall in 2 hours; How long does the fall?

Ethereum has recently experienced a significant drop from $ 4.9. The price has fallen by more than 2 percent over the past 2 hours and is now likely to continue to fall to $ 1.9.

Two days ago, Ethereum’s attempt to return over $ 1. $ 1.9 failed, and the price eventually formed its peak at $ 1.2.

Shortly thereafter, the price fell below $ 4.9 and the simple 2 -hour moving average (MA 1 – the waterline in the picture) fell, and the $ 1.2 and $ 4.9 level support was lost. This 5 % drop in the price of Ethereum to $ 1.2 %.

Ethereum has now reached over $ 1.2; But it still fluctuates below the simple 4 -hour moving average. If the market rises, $ 4.9, near the fibonacci -level level, will be the closest resistance to the price. In this analysis, Fibonacci levels are adjusted based on a downward price of $ 1.2 to $ 1.2.

The next key resistance is about $ 1.2 and $ 4.9, and the downtrend line on the chart and the 5 % Fibonacci correction also form a resistance in the same area.

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Full price crossing over $ 4.9 can pave the way for the Ethereum mutation for up to $ 4.9, and then buyers will have the opportunity to raise the price to $ 4.9 in the short term.

On the other hand, if the Ethereum appears to pass through the $ 1.5 resistance, the downward trend will continue. Under such circumstances, $ 1.5 will be the closest support for Ethereum. The next key support for Ethereum is $ 1.2. The breakdown of this support could lead to a price drop of up to $ 1. $ 1.99.

The MacD index is accelerating in the descending range and the relative power index (RSI) below the middle axis is at Level 2.

As mentioned, $ 1.5 is key support for Ethereum, and $ 1.2 is acting as the main resistance to the price.