Ethereum Price Drops — Pause for Reflection or Change in Trend?
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The price of Ethereum has begun a downward adjustment below the $1,800 mark. Currently, ETH is testing the $1,750 area and may see further declines toward $1,700.
- Ethereum has initiated a downward adjustment, trading under the $1,780 threshold.
- The current price is below $1,775 and the 100-hour Simple Moving Average.
- A break has occurred below a connecting bullish trend line, with support noted at $1,800 on the hourly ETH/USD chart.
- Should the pair overcome the $1,785 resistance, it may trigger a fresh uptrend.
Ethereum Experiences Downward Adjustment
The price of Ethereum remained above the $1,720 support and initiated a new upward trend similar to Bitcoin. It traded over the $1,750 and $1,780 thresholds, with bulls driving the price above $1,800.
A peak formed close to $1,850, but the price has recently begun a downward correction. This decline saw a drop below the 50% Fibonacci retracement level from the swing low of $1,723 to the high of $1,848, dipping below the $1,800 level.
A break occurred below the connecting bullish trend line, with support at the $1,800 level on the hourly ETH/USD chart. Currently, bulls are active near the 76.4% Fibonacci retracement level from the $1,723 low to the $1,848 high.
Ethereum is currently trading below $1,780, as well as beneath the 100-hour SMA. Resistance appears to be present near the $1,775 level. The next significant resistance zone is around $1,800, with initial major resistance at $1,820. A definitive rise above the $1,820 level could propel the price toward the $1,850 resistance.
A breakout above the $1,850 resistance could lead to substantial gains in the upcoming sessions. In that scenario, Ethereum may advance towards the $1,920 resistance area or even reach $2,000 soon.
Potential Further Declines for ETH?
If Ethereum cannot surpass the $1,800 resistance, a new decline could commence. The initial downside support is around $1,750, with major support sitting near the $1,700 range.
A conclusive drop below the $1,700 support could push the price toward $1,650. Any further losses may take the price down to the $1,620 support level imminently, with the next key support at $1,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD shows diminishing momentum within the bearish territory.
Hourly RSI – The RSI for ETH/USD is currently situated below the 50 zone.
Major Support Level – $1,750
Major Resistance Level – $1,800
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