The Ethereum price started to fall again and traded below $1,750. ETH is now consolidating below $1,750 and could continue to fall.
- Ethereum remained in a bearish zone after another decline below $1,800.
- The price is trading below $1,780 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $1,750 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $1,820 zone.
Ethereum price remains in downtrend
The price of Ethereum failed to hold steady above $1,840 and, like Bitcoin, started a new decline. ETH price fell below the USD 1,800 and USD 1,780 levels.
The price even traded below $1,750. A low was formed at $1,715, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1,888 swing high to the $1,715 low. A bearish trendline is also forming with resistance at $1,750 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $1,750 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,700, the price may attempt to rise again. Immediate resistance is seen around 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 around the $1,820 level. A clear move above the USD 1,820 resistance could send the price towards the USD 1,880 resistance. An upside break above the $1,880 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $1,920 or even $1,965 in the short term.
Disadvantage of continuation in ETH?
If Ethereum fails to clear the USD 1,880 resistance, it could trigger another decline. The initial downside support is near the $1,715 level. The first major support is near the $1,680 zone.
A clear move below the USD 1,680 support could push the price towards the USD 1,650 support. Any further losses could send the price towards $1,625. The main support could be at $1,600.
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 – $1,715
Major resistance level – $1,880