• Ethereum price is declining below $1,850 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,700 support zone.
• There was a break above a key bearish trend line with resistance near $1,820 on the 4-hour chart (data feed from Coinbase).
• The pair could continue to move down if it stays below $1,850 and $1,880.
Ethereum Price Analysis
Ethereum price is gaining bearish momentum below the $1,880 resistance against the US Dollar. ETH price is now trading below $1,850 and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $1,820 on the 4-hour chart (data feed from Coinbase). The pair could continue to move down if it stays below $1,850 and $1,880.
This past week, Ethereum started a fresh decline below $1,920 against the US Dollar. ETH price moved into a bearish zone below the $1,880 level. A low was formed near $1,737 before the price started an upside correction. There was a move above the 23.6% Fib retracement level of the downward move from the swing high to low levels. Besides that there was also a break above a key bearish trend line with resistance near$ 1,820 on the 4-hour chart. It is now trading below $ 1 , 850 andthe 55 simple moving average (4 hours).
On the upside ,theprice isnowfacingresistance nearthe$ 1 , 850level .Thenextmajorresistanceisnear the$ 1 , 880levelor50 %Fibretracementlevelofthedownwardmovefromtheswinghighto lowlevels ,abovewhichitcouldrisetowardsthe$ 1 , 920resistancezone .Aclear moveabovethe$ 1 , 880and$ 1 , 920resistance levelsmightcallforafreshmove to$ 2 , 000 .Anymoregainscouldevensendthepricetowardsthe$ 2 , 120resistancezoneoreven$ 2 , 200inthenearterm .
Support & Resistance Levels
On downsideinitialsupportisnearthe$ 1 , 780level .Thenextmajor supportisnownearthe$ 1 , 740level .Abreakbelowthe$ 1 , 740supportcouldpushthepriceto$ 1 700Ifbullsfailtoprotectthe$ 1700supporttheprice mightdeclinetowardsto 1650
Looking atchartEthereumpriceistradingbelowlowof 1880and55simplemovingaverage(4hours)Overall Ether’spricecouldcontinuetomovedownifitstayselowof1850and1880