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Ethereum -Price started a downward correction below the level of $ 1,800. ETH now tests the $ 1,750 zone and can continue to fall to $ 1,700.
- Ethereum started a downward correction and traded under the level of $ 1,780.
- The price acts under $ 1,775 and the 100-hour simple advancing average.
- There was a break under a connecting bullish trend line with support for $ 1,800 on the hourly table ETH/USD (data feed via Kraken).
- The couple can start a new increase if it knew the $ 1,785 resistance zone.
Ethereum -Prize starts on the downward correction
Ethereum -Price remained stable above the level of $ 1,720 and started a new increase, such as Bitcoin. ETH traded above the level of $ 1,750 and $ 1,780. The bulls even pumped the price above the $ 1,800 level.
A high was formed near $ 1,850 and the price recently started a disadvantage correction. There was a movement below the 50% FIB racement level of the upward movement of the $ 1,723 Swing low to $ 1,848 high. The price even fell below the level of $ 1,800.
There was a break under a connecting bullish trend line with support for $ 1,800 on the hourly table ETH/USD. The bulls are now active in the vicinity of the 76.4% FIB retracement level of the upward movement of the $ 1,723 Swing low to $ 1,848 high.
Ethereum price is now being traded under $ 1,780 and the 100-hour simple advancing average. On the other hand, the price seems to be confronted with obstacles near the level of $ 1,775. The next key resistance is near the level of $ 1,800. The first major resistance is near the level of $ 1,820. A clear movement above the $ 1,820 resistance can send the price to $ 1,850 resistance.
An upward break above the $ 1,850 resistance can request more profit in the upcoming sessions. In the indicated case, Ether could rise to the $ 1,920 resistance zone or even $ 2,000 in the short term.
More losses in ETH?
If Ethereum did not know the resistance of $ 1,800, this can start a new decline. The first support on the disadvantage is near the level of $ 1,750. The first major support is near the $ 1,700 zone.
A clear movement under the support of $ 1,700 can push the price to $ 1,650 support. More losses can send the price in the short term to the support level of $ 1,620. The following key support is at $ 1,550.
Technical indicators
Hour MacD – The MACD for ETH/USD loses Momentum in the bearish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Major support level – $ 1,750
Large resistance level – $ 1,800