Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a downside correction below the $1,800 level. ETH is now testing the $1,750 zone and might dip further toward $1,700.
- Ethereum started a downside correction and traded below the $1,780 level.
- The price is trading below $1,775 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,785 resistance zone.
Ethereum Price Starts Downside Correction
Ethereum price remained stable above the $1,720 level and started a fresh increase, like Bitcoin. ETH traded above the $1,750 and $1,780 levels. The bulls even pumped the price above the $1,800 level.
A high was formed near $1,850 and the price recently started a downside correction. There was a move below the 50% Fib retracement level of the upward move from the $1,723 swing low to the $1,848 high. The price even dipped below the $1,800 level.
There was a break below a connecting bullish trend line with support at $1,800 on the hourly chart of ETH/USD. The bulls are now active near the 76.4% Fib retracement level of the upward move from the $1,723 swing low to the $1,848 high.
Ethereum price is now trading below $1,780 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,775 level. The next key resistance is near the $1,800 level. The first major resistance is near the $1,820 level. A clear move above the $1,820 resistance might send the price toward the $1,850 resistance.
An upside break above the $1,850 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,920 resistance zone or even $2,000 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $1,800 resistance, it could start a fresh decline. Initial support on the downside is near the $1,750 level. The first major support sits near the $1,700 zone.
A clear move below the $1,700 support might push the price toward the $1,650 support. Any more losses might send the price toward the $1,620 support level in the near term. The next key support sits at $1,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,750
Major Resistance Level – $1,800
Discussion about this post