Ethereum is started a major decline from well above $1,850 against the US Dollar. ETH price is trading near the key $1,700 support, below which it could decline heavily.
Ethereum failed to move back above the $1,850 level and extended its decline, similar to bitcoin. ETH broke the $1,800 support zone to move further into a bearish zone.
The price even broke the $1,750 support and settled well below the 100 hourly simple moving average. However, the bulls are now protecting the main $1,700 support zone. A low is formed near $1,712 and ether is now consolidating losses.
An initial resistance on the upside is near the $1,765 level. It is near the 23.6% Fib retracement level of the downward move from the $1,944 high to $1,712 low.
Source: ETHUSD on TradingView.com
On the upside, the first key resistance is forming near the $1,800 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $1,944 high to $1,712 low.
To move into a positive zone, ether price must clear the trend line resistance and $1,800. A close above $1,800 and the 100 hourly SMA could start a steady increase.
If Ethereum fails to correct higher above the $1,765 and $1,800 resistance levels, it could correct further lower. The first key support is near the $1,710 level.
The main support is now forming near the $1,700 level. If there is a downside break below the $1,700 support, there is a risk of a nasty decline. In the stated case, ether price might dive towards $1,600 or even $1,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,800
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