Ethereum started a sharp decline after failing to beat the $ 1,850 resistance against the US dollar. ETH price tested $ 1,660 and is currently facing hurdles near $ 1,760.
- Ethereum started a strong downward correction from the USD 1,850 and USD 1,860 resistance levels.
- The price is now trading well below $ 1,800 and the 100 hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke below a large contraction triangle with support near USD 1,790.
- The pair could rebound but could face strong resistance near $ 1,760 and $ 1,780.
Ethereum price drop by 8%
Ethereum was unable to push gains past the $ 1,850 and $ 1,860 resistance levels. ETH started a new decline (similar to Bitcoin) from the swing high of $ 1,834 and fell more than $ 150.
There was a pause below the $ 1,800 support level and the 100 hour simple moving average. There was also a break below a large contraction triangle with support near USD 1,790 on the ETH / USD hourly chart.
Ether price fell below the $ 1,750 support and even below the $ 1,700 level. The bulls appeared near the $ 1,650 and $ 1,660 levels protecting other drawbacks. A low is being formed near $ 1,664 and the price is currently recovering.
Source: ETHUSD on TradingView.com
It’s back above the $ 1,680 and $ 1,700 levels. There was a break above the 23.6% fib retracement level of the recent drop from the high of $ 1,834 to the low of $ 1,664.
On the upside, the first key resistance is near the USD 1,750 level. It is close to the 50% Fib retracement level of the recent decline from the high of $ 1,834 to the low of $ 1,664. The next major resistance is near the $ 1,760 level (a multi-touch zone).
The main resistance is now forming near the USD 1,790 and USD 1,800 levels (the most recent collapse zone). The 100 hour simple moving average is also near the $ 1,800 level.
Other disadvantages at ETH?
If Ethereum fails to hit the $ 1,750 and $ 1,760 resistance levels, it could go further down. On the flip side, the first major support is near the USD 1,700 level.
The main support is near the USD 1,660 level. If there is a close below the $ 1,700 level and a follow-up move below the $ 1,660 level, the price could fall towards the $ 1,600 support level.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – – The RSI for ETH / USD is well below the 40 level.
Main support tier – $ 1,700
Main Resistance Level – $ 1,760
