Ethereum price started another drop below the $1,820 support against the US dollar. ETH is showing bearish signs and it could drop further towards USD 1,700.
- Ethereum is currently moving lower below the $1,820 support zone.
- The price is trading below $1,800 and the 100-hour Simple Moving Average.
- Two bearish trendlines are forming with resistance near $1,790 and $1,820 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue lower towards the USD 1,720 and USD 1,700 levels.
Ethereum Price Extends Losses
Ethereum price failed to recover above the $1,850 resistance zone. ETH started another drop and traded below the $1,820 support zone, similar to Bitcoin.
The decline accelerated below the $1,800 level. The price tested the $1,760 zone. A low is formed near $1,761 and the price is now consolidating losses. Ether is trading below $1,800 and the 100-hour Simple Moving Average. Two bearish trendlines are also forming with resistance near $1,790 and $1,820 on the ETH/USD hourly chart.
Immediate resistance is near the $1,785 zone and the first trendline. It is close to the 23.6% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low.
The first major resistance is near the $1,820 level and the second is the trendline. It is close to the 50% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low. A close above the USD 1,820 resistance could send Ether towards USD 1,850.
Source: ETHUSD at TradingView.com
The next resistance is near USD 1,880, above which Ethereum could rise towards USD 1,920. Any gains above the $1,920 resistance zone could trigger a steady rise towards the $2,000 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,820 resistance, it could drop further. The first support on the downside is near the $1,760 level.
The next major support is near the $1,720 zone. The main support could be near $1,700. If there is a close below the $1,700 support, the price may accelerate lower. In the said case, the price may decline towards the $1,640 support zone. Even more losses might send the price towards the $1,600 level.
Technical indicators
MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,760
Major resistance level – $1,820
