Ethereum Price Analysis: ETH Could Nosedive Below $1,700
Ethereum price is struggling below $1,900 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $1,900 resistance zone.
Ethereum Price Analysis
Earlier, ethereum struggled to clear the $2,000 resistance against the US Dollar. ETH price started a fresh decline below the $1,850 level and moved into a bearish zone.
The pair settled below the $1,850 support and the 55 simple moving average (4-hours). Finally, it traded below the $1,800 level and tested the $1,725 zone. A low was formed near $1,725 and the price is now consolidating losses.
On the upside, the price is facing resistance near the $1,770 level. It is near the 23.6% Fib retracement level of the downward move from the $1,918 swing high to $1,725 low. The next major resistance is near the $1,820 or $1,850.
The 50% Fib retracement level of the downward move from the $1,918 swing high to $1,725 low is also near the $1,820 zone. Besides, there is a key bearish trend line forming with resistance near $1,910 on the 4-hours chart.
A clear move above the $1,900 level might start a steady increase. The next key resistance is near the $2,000 zone, above which the price might accelerate higher towards the $2,250 level.
On the downside, an initial support is near the $1,725 level. The next major support is now near the $1,700 level. A break below the $1,700 support could push the price to $1,620. Any more losses could lead the price towards $1,550 or even $1,520.
Looking at the chart, Ethereum price is clearly trading below the $1,900 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh decline if there is a clear move below the $1,700 level.
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,725, followed by the $1,620 zone.
Key Resistance$ Levels – $1,820 and $1,900.
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