Ethereum prices have started a downward correction from the resistance level against the US dollar of $1865.The ETH price is currently trading above the simple moving average of $1750 and 55 (4 hours)
- Ethereum prices have started a downward correction from the resistance level against the US dollar of $1865.
- The ETH price is currently trading above the simple moving average of $1750 and 55 (4 hours).
- There is a key contraction triangle on the 4-hour chart that forms support around $1785 (data from Coinbase).
- If it breaks through the support area of $1785, the currency pair may continue to decline.
The price of Ethereum fell below $1820 against the US dollar. ETH/USD still faces the risk of further downside in the support area below $1785.
Ethereum Price Analysis
Last week, the Ethereum exchange rate began to rise significantly above the $1700 resistance zone against the US dollar. ETH prices climbed above resistance levels of $1750 and $1765.
Finally, it tested a resistance zone of $1850. Prior to the downward correction, a high was formed around $1865. Falling below the support area of $1820. The price is even lower than the 23.6% Fib retracement level, which moved upward from a fluctuating low of $1542 to a high of $1865.
ETH's current trading price is above $1750 and the 55 hour simple moving average (4 hours). A key contraction triangle was also formed on the 4-hour chart, with a support level around $1785.
On the positive side, prices are currently facing resistance around the $1820 level. The next major resistance level is around $1850. The next major resistance level is around the $1865 area. If it significantly breaks through the resistance levels of $1850 and $1865, it may need to rise back to $1950.
If further increases occur, prices may even push into a resistance zone of $2000 or even $2100 in the short term. On the downside, initial support is located near the $1785 level and trend line.
The next major support level is around $1700. It is close to the 50% Fib retracement level, which moves upward from the fluctuating low of $1542 to the high of $1865. Breaking below the support level of $1700 may push the price to $1650. If the bulls fail to hold onto the support level of $1650, the price may fall towards $1600.
From the chart, the price of Ethereum is significantly higher than $1750 and the simple moving average of $55 (4 hours). Overall, if the Ethereum price breaks through the support zone of $1785, it may continue to decline.
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