Ethereum price is falling below the $1,800 support against the US dollar. ETH could accelerate lower towards the $1,650 support in the near term.
- Ethereum is currently moving lower off the $1,850 resistance zone.
- The price is trading below $1,820 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,800 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a decent rise if there is a move above the USD 1,800 and USD 1,830 resistance levels.
Ethereum price turns red
Ethereum price failed to start a recovery wave above the USD 1,850 resistance zone. ETH remained in a bearish zone and traded below the USD 1,830 support, similar to Bitcoin.
The drop was such that the price even broke the $1,800 support. A new weekly low is being formed near USD 1,770 and the price is now trading in the red zone. Ether is well below $1,820 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,800 on the ETH/USD hourly chart.
Immediate resistance is near the $1,800 level or the 23.6% Fib retracement level from the recent drop from the $1,888 swing high to the $1,770 low.
The next resistance is near $1,830 or the 50% Fib retracement level from the recent drop from the $1,888 swing high to the $1,770 low, above which Ethereum could test the 100-hour Simple Moving Average. If there is a move above the $1,830 and $1,840 resistance levels, the price could rise towards the $1,880 level. Any further gains above the USD 1,880 resistance zone could start a decent rise towards the USD 1,920 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,830 resistance, it could drop further. The first support on the downside is near the $1,770 level.
The next major support is near the $1,740 zone. If there is a clear move below the $1,740 support, the bears could gain strength and the price could fall sharply. The price may decline towards the $1,650 support zone in the said case. More losses may push the price to 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
Major resistance level – $1,830
Chart from Tradingview
