Ethereum prices have started a new round of falling below the $1850 level against the US dollar. ETH may fall towards the support area of $1650 in the short term
Ethereum prices have started a new round of falling below the $1850 level against the US dollar. ETH may fall towards the support area of $1650 in the short term.
- Ethereum is falling below the support area of $1880.
- The price is below $1860 and the 100 hour simple moving average.
- On the hourly chart of ETH/USD (data from Kraken), a key bearish trend line is forming, with resistance level around $1860.
- If it significantly falls below $1800, the currency pair may continue to decline.
Ethereum prices continue to decline
The price of Ethereum has started a new decline and is trading below the support area of $1880. ETH even fell below the support level of $1850 and entered the bearish zone, similar to Bitcoin.
The price is close to the $1800 level. A low point has formed near $1812, and prices are now consolidating losses. Its trading price is below $1860 and the 100 hour simple moving average. On the hourly chart of ETH/USD, there is also a key bearish trend line that is forming, with resistance around $1860.
The direct resistance level is around $1860 and the trend line. The next resistance is around $1875, which is a 50% Fibonacci pullback that moves down from a high of $1936 to a low of $1812.
The first major resistance level seems to form near the $1888 or 100 hour simple moving average. It is close to a 61.8% Fibonacci pullback from a high of $1936 to a low of $1812. A resistance level above the closing price of $1888 may push Ethereum towards a resistance level of $1920.
Any further increase could start to rise significantly towards the resistance level of $1950. In the above situation, the price may even rise to the resistance level of $2000. The next key resistance level is around $2050.
More ETH losses?
If Ethereum fails to clear the resistance level of $1888, it may continue to decline. The initial support level for the downward trend is around $1810 or a recent low.
The next main support level is around the $1800 area, below which the Ethereum price may fall towards the $1720 support area. Any further losses may push prices to a level of $1650 in the short term.
Technical indicators
Hourly MACDETH/USD MACD is now gaining momentum in bearish areas.
Hourly RSIThe RSI of ETH/USD is now below the 50 level.
Main support level - $1800
Main resistance level - $1888
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