Ethereum price began a new decline, trading below $1,750. $ETH The price is currently consolidating below $1,750, and there is a possibility that the price will continue to fall.
- Ethereum remained in the bearish zone after a fresh drop below $1,800.
- The price is trading below the 100-hour simple moving average at $1,780.
- On the hourly chart of , there is a bearish trend line forming resistance at $1,750. $ETH/USD (data feed via Kraken).
- If the price remains below the $1,820 zone, the decline could continue.
Ethereum price is still on a downward trend
Ethereum price failed to maintain stability above $1,840 and a new decline began, similar to Bitcoin. $ETH Prices fell below the $1,800 and $1,780 levels.
Prices traded below $1,750. The low formed at $1,715 and the price is currently consolidating losses well below the 23.6% Fib retracement level of the decline from the $1,888 swing high to the $1,715 low. There is also a bearish trendline forming resistance at $1,750 on the hourly chart. $ETH/USD.
Ethereum price is currently trading below $1,750 and its 100 hourly simple moving average. If the bulls sustain action above $1,700, the price could try to move higher. Immediate resistance is seen near $1,750.
The first major resistance level is around the $1,800 level and the 50% fibritracement level of the decline from the $1,888 swing high to the $1,715 low. The next major resistance level is near the $1,820 level. A clear break above the $1,820 resistance could send the price heading towards the $1,880 resistance. A break above the $1,880 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $1,920 resistance zone and even $1,965 in the short term.
Lower price continues in $ETH?
If Ethereum fails to break through the $1,880 resistance level, a fresh decline could begin. The first support on the downside is near the $1,715 level. The first major support is located near the $1,680 zone.
A clear move below the $1,680 support could push the price towards the $1,650 support. Any further losses could send the price towards the $1,625 area. The main support could be at $1,600.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $1,715
High resistance level – $1,880
