Ethereum Price at Risk of Extended Decline as Bears Regain Control
Ethereum price started a downside correction below the $1,850 zone. ETH is now consolidating and might drop further below the $1,785 support zone.
- Ethereum started a fresh decline below the $1,850 and $1,820 levels.
- The price is trading below $1,800 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $1,830 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it breaks the $1,785 support level.
Ethereum Price Struggles To Clear Resistance
Ethereum price failed to clear the $1,880 resistance and started a downside correction, like Bitcoin. ETH declined below the $1,850 and $1,820 support levels.
There was a move below the 50% Fib retracement level of the upward move from the $1,734 swing low to the $1,872 high. The bears even pushed the price below the $1,800 level, but the price found support near the $1,785 support level.
Ethereum price is now trading below $1,800 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $1,830 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $1,820 level. The next key resistance is near the $1,830 level and the trend line. The first major resistance is near the $1,880 level.
A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $1,830 resistance, it could start a fresh decline. Initial support on the downside is near the $1,785 level and the 61.8% Fib retracement level of the upward move from the $1,734 swing low to the $1,872 high. The first major support sits near the $1,750 zone.
A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,685 support level in the near term. The next key support sits at $1,640.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,765
Major Resistance Level – $1,830
