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Ethereum Price began a lower decline in the level of $ 1,800. ETH is now testing the $ 1,750 zone and could decrease more to $ 1,700.
- Ethereum started a downward correction and was negotiated below the level of $ 1780.
- The price is negotiated below $ 1,775 and the mobile average at 100 hours.
- There was a break below a bullish connection line with a support at $ 1,800 on the ETH / USD hourly table (data flow via Kraken).
- The pair could start a new increase if it erases the resistance zone of $ 1,785.
Ethereum Price begins downward correction
Ethereum the price remained stable above the level of $ 1,720 and started a new increase, as Bitcoin. ETH exchanged above $ 1,750 levels and $ 1,780. The Bulls even pumped the price above $ 1,800.
A summit formed almost $ 1,850 and the price recently started a downward correction. There has been a movement below the FIB retracement level at 50% of the swing movement of $ 1,723 up to $ 1,848. The price even dropped below $ 1,800 level.
There was a break below a bullish connection line with a support at $ 1,800 on the ETH / USD hourly table. The bulls are now active near the FIB trace level of 76.4% of the upward movement of the $ 1,723 swing at $ 1,848.
Ethereum Price is now negotiated below $ 1,780 and the mobile average at 100 hours. Uplining, the price seems to be confronted with obstacles near the level of $ 1,775. The next key resistance is close to the level of $ 1,800. The first major resistance is close to the level of $ 1,820. A clear decision above the resistance of $ 1,820 could send the price to the resistance of $ 1,850.
An upward rupture above the resistance of $ 1,850 could require more gains in future sessions. In the case indicated, ether could increase to the resistance zone by $ 1,920 or even $ 2,000 in the short term.
No more losses in ETH?
If Ethereum fails to erase the resistance by $ 1,800, this could start a new drop. The initial support for the decline is close to the level of $ 1,750. The first major support is near the $ 1,700 area.
A clear decision below $ 1,700 support could push the price to the $ 1,650 support. Other losses could send the price to the level of support of $ 1,620 in the short term. The next key support is $ 1,550.
Technical indicators
Schedule macD – The MacD for ETH / USD loses its momentum in the lower area.
House – The RSI for ETH / USD is now less than zone 50.
Major level of support – $ 1,750
Major resistance level – $ 1,800
