Ethereum price is moving lower below the $1,800 support against the US Dollar. ETH could accelerate lower towards the $1,650 support anytime soon.
- Ethereum is currently moving lower from the $1,850 resistance zone.
- The price is trading below $1,820 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rally if there is a move above the $1,800 and $1,830 resistance levels.
Ethereum price turns red
Ethereum price failed to start a rally wave above the $1850 resistance zone. ETH remained in a bearish zone and traded below the $1,830 support, similar to Bitcoin.
The drop was such that the price even broke the $1,800 support. A new weekly low is formed near $1,770 and the price is now trading in the red zone. Ether is well below $1,820 and the 100 hourly simple moving average. There is also a major downtrend line forming with resistance near $1,800 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,800 level or the 23.6% Fibonacci retracement level of the recent drop from the $1,888 high to $1,770 low.
Next resistance lies near $1,830 or the 50% Fibonacci retracement level of the recent drop from the $1,888 high to $1,770 low, above which Ethereum could test the 100 hourly simple moving average. . If there is a move above the $1830 and $1840 resistance levels, the price could rally towards the $1880 level. More gains above the $1,880 resistance zone could start a decent rally towards the $1,920 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1830, it could continue lower. Initial support on the downside is near the $1,770 level.
The next big support is near the $1,740 area. If there is a clear move below the $1,740 support, the bears could gain strength and the price could drop considerably. The price could fall towards the $1,650 support zone in the indicated case. Any further losses could send the price looking towards the $1,600 level in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is now gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level: $1,770
Highest Resistance Level: $1,830
Tradingview Chart
