Ethereum’s price started to fall again and traded below $1,800. ETH is now consolidating below $1,800 and could continue to fall.
- Ethereum remained in a bearish zone after another decline below $1,840.
- The price is trading below $1,800 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $1,880 zone.
Ethereum Price Plunges More Than 5%
The price of Ethereum failed to hold steady above $1,880 and, like Bitcoin, started a new decline. ETH price fell below the USD 1,840 and USD 1,820 levels.
The price even traded below $1,800. A low was formed at $1,716, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1,889 swing high to the $1,716 low. A bearish trendline is also forming with resistance at $1,800 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $1,800 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,720, the price could rise again. Immediate resistance is seen around the $1,780 level.
The first major resistance is near the $1,800 level and the 50% Fib retracement level of the downward move from the $1,889 swing high to the $1,716 low. The next major resistance is around the $1,820 level. A clear move above the USD 1,820 resistance could send the price towards the USD 1,850 resistance. An upside break above the $1,850 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $1,880 or even $1,920 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 1,850 resistance, it could trigger another decline. The initial downside support is near the $1,720 level. The first major support is near the $1,700 zone.
A clear move below the USD 1,700 support could push the price towards the USD 1,665 support. Any further losses could send the price towards $1,640. The main support could be at USD 1,620.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $1,720
Major resistance level – $1,850