Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a fresh decline from the $1,860 resistance against the US Dollar. ETH could move down below $1,730 if it stays below $1,800 for a long time.
- Ethereum started a downside correction below $1,800 and $1,780.
- The price is trading below $1,780 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $1,760 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline if it stays below $1,800 and $1,820 for a long time.
Ethereum Price Faces Hurdle
Ethereum price remained well below the $1,860 level. ETH reacted to the downside and traded below the $1,800 support zone. It even declined below $1,750 before the bulls appeared near $1,720.
A low was formed near $1,715 before the price started a fresh increase, similar to bitcoin. The price gained pace above the $1,730 and $1,750 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,715 low.
Besides, there was a break above a connecting bearish trend line with resistance near $1,760 on the hourly chart of ETH/USD. Ether price is now trading near $1,770 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,785 zone. The next major resistance is near the $1,800 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,858 swing high to $1,715 low. A close above the $1,800 resistance zone might start a strong increase.
Source: ETHUSD on TradingView.com
The next aim for the bulls might be $1,860. Any more gains could set the pace for a test of the $2,000 resistance zone in the near term.
Fresh Decline in ETH?
If ethereum fails to clear the $1,800 resistance, it could start another decline. An initial support on the downside is near the $1,745 level.
The next major support is near the $1,730 zone or $1,715. If there is a break below $1,715, the price might gain bearish momentum and drop towards $1,650. Any more losses might call for a test of the $1,580 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,730
Major Resistance Level – $1,800
