Ethereum Price Plunges Under $1,800, Leaving Bulls On The Ropes

Ethereum price started a fresh decline and traded below $1,800. ETH is now consolidating below $1,800 and might continue to move down.

• Ethereum remained in a bearish zone after a fresh decline below $1,840.
• The price is trading below $1,800 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it stays below the $1,880 zone.

Ethereum price failed to remain stable above $1,880 and started a fresh decline, like Bitcoin. ETH price dipped below the $1,840 and $1,820 levels.

The price even traded below $1,800. A low was formed at $1,716, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1,889 swing high to the $1,716 low. There is also a bearish trend line forming with resistance at $1,800 on the hourly chart of ETH/USD.

Ethereum price is now trading below $1,800 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,720, the price could attempt another increase. Immediate resistance is seen near the $1,780 level.

The first key resistance is near the $1,800 level and the 50% Fib retracement level of the downward move from the $1,889 swing high to the $1,716 low. The next major resistance is near the $1,820 level. A clear move above the $1,820 resistance might send the price toward the $1,850 resistance. An upside break above the $1,850 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

If Ethereum fails to clear the $1,850 resistance, it could start a fresh decline. Initial support on the downside is near the $1,720 level. The first major support sits near the $1,700 zone.

A clear move below the $1,700 support might push the price toward the $1,665 support. Any more losses might send the price toward the $1,640 region. The main support could be $1,620.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,720

Major Resistance Level – $1,850