Ethereum price began a new decline, trading below $1,750. ETH has currently consolidated below $1,750 and could continue to fall.
- Ethereum maintained its downward trend after a new drop below $1,800.
- The price is trading below $1,780 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trendline forming at resistance $1,750.
- If it stays below the $1,820 area, the pair may continue to decline.
Ethereum price is in a downward trend
The price of Ethereum failed to remain stable above $1,840 and, like Bitcoin, began a new downward trend. ETH price fell below the $1,800 and $1,780 levels.
The price was also traded below $1,750. A low was formed at $1,715, with the price currently consolidating losses well below the 23.6% Fib retracement level moving down from the $1,888 swing high to the $1,715 low. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line with resistance forming at $1,750.
Ethereum price is currently trading below $1,750 and the 100-hour simple moving average. If the uptrend continues above $1,700, the price could attempt another rally. Immediate resistance appears near the $1,750 level.
The first major resistance is near the $1,800 level and the 50% Fib retracement level of the downward move from the $1,888 swing high to the $1,715 low. The next major resistance is near the $1,820 level. A clear break above the $1,820 resistance level could push the price towards the $1,880 resistance level. A rally above the $1,880 area could lead to further gains in the coming days. If indicated, Ethereum could rise to the $1,920 resistance zone or $1,965 in the near term.
Will ETH’s downside persist?
If Ethereum fails to clear the $1,880 resistance, it could begin a new downtrend. Initial support for the downside is near the $1,715 level. The first major support is near the $1,680 area.
A clear move below the $1,680 support could push the price towards the $1,650 support. Any more losses could lead the price towards the $1,625 region. The main assistance amount could be $1,600.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $1,715
Key Resistance Level – $1,880