Ethereum Price Takes a Big Hit: Main Reasons $1,720 or $1,650 Are Likely Targets – NewsBTC


Ethereum price started a fresh decline below the $1,850 level against the US Dollar. ETH is at risk of a drop toward the $1,650 support zone in the near term.
Ethereum’s price started a fresh decline and traded below the $1,880 support zone. ETH even moved below the $1,850 support to enter a bearish zone, similar to Bitcoin.
The price traded close to the $1,800 level. A low is formed near $1,812 and the price is now consolidating losses. It is trading below $1,860 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,860 level and the trend line. The next resistance sits near $1,875 or the 50% Fib retracement level of the downward move from the $1,936 high to the $1,812 low.
The first major resistance seems to be forming near the $1,888 level or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $1,936 high to the $1,812 low. A close above the $1,888 resistance zone could send Ethereum toward the $1,920 resistance.
Ethereum Price
Source: ETHUSD on
Any more gains might start a decent increase toward the $1,950 resistance. In the stated case, the price may even rise toward the $2,000 resistance. The next key resistance is near $2,050.
If Ethereum fails to clear the $1,888 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level or the recent low.
The next major support is near the $1,800 zone, below which ether price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,650 level in the near term.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSIThe RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,800
Major Resistance Level – $1,888
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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