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Ethereum price began a downside correction at the level below $1,800. ETH is now testing the $1,750 area, which could drop further to $1,700.
- Ethereum started a downside correction and traded at a level below $1,780.
- Prices trade below $1,775 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via Kraken’s feed), there is a breakout below the connected bullish trend line.
- If the couple clears the $1,785 resistance zone, the couple may start a new growth.
Ethereum price begins to correct downward
Ethereum prices remained stable, above the $1,720 level and began new gains such as Bitcoin. ETH trades above the $1,750 and $1,780 levels. The Bulls even put prices above the $1,800 level.
A high-established nearly $1,850, and the price has recently begun downside corrections. From swing low of $1,723 to high of $1,848, 50% FIB retracement levels below 50% FIB retracement levels. Prices are even below the $1,800 level.
On the hourly chart of ETH/USD, there is a breakout below a connected bullish trend line that supports $1,800. Now, the Bulls are active near the 76.4% FIB retracement level of moving from a swing of $1,723 to a height of up to $1,848.
Ethereum price is now trading below the $1,780 and the 100-hour simple moving average. On the plus side, the price seems to be facing a $1,775 hurdle. The next key resistance is close to the $1,800 level. The first major resistor is close to the $1,820 level. A noticeable move to resistors above $1,820 could shift the price to resistors at $1,850.
An upside breakout for resistors over $1,850 could require more gains in the upcoming meeting. In the case of statements, ether could rise toward the $1,920 resistance zone or even $2,000 in the short term.
More losses from ETH?
If Ethereum fails to clear the $1,800 resistor, a new drop may begin. The initial support on the downside is close to the $1,750 level. The first major support is located near the $1,700 area.
A clear move to support below $1,700 could push the price toward support of $1,650. In the short term, more losses could shift the price to the support level of $1,620. Next key supports $1,550.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $1,750
Main resistance level – $1,800
