From the $1,840 area against the US Dollar, the price of ethereum began to decline. The $1,700 support is still being held by ETH, and it may try to rise again.
- The critical $1,840 resistance level caused a downward reaction in Ethereum.
- The price is trading below both the 100 hourly simple moving average and $1,780.
- On the hourly chart of ETH/USD (data feed via Kraken), there was a break below a significant bullish trend line with support at $1,750.
- If it maintains its position above the crucial $1,700 support region, the pair may begin a new upward trend.
Ethereum Price Corrects Lower
The $1,820 resistance area marked the beginning of a downward correction in the price of ethereum. Similar to bitcoin, ETH corrected lower and traded below the $1,800 mark.
After the Fed raised interest rates, the price fell under $1,800. On the hourly chart of ETH/USD, there was a break below a significant bullish trend line with support at $1,750. Below the $1,750 support area, the pair fell. Near $1,713, a low has developed, and the price is currently consolidating its losses.
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The price of ether is currently trading below $1,780 as well as the 100 hourly simple moving average. The downward movement from the $1,825 swing high to the $1,713 low is being tested at the 23.6% Fibonacci retracement level.
The price is encountering resistance near the $1,760 region on the upside. Near the $1,770 region and the 100 hourly simple moving average is where the next significant resistance is located. It is close to the 50% Fibonacci retracement level of the decline from the swing high of $1,825 to the low of $1,713.
Near $1,800 is where the first significant resistance is located. Price movement towards $1,840 may occur if the $1,800 resistance zone is closed above. A significant upward movement may occur if the bulls pass the $1,840 barrier.
Downside Break in ETH?
Ethereum may begin a new decline if the $1,770 resistance is not overcome. Near the $1,720 mark, there is a temporary support on the downside.
Near the $1,695 region is the next significant support. The price could move downward towards $1,620 if there is a break of $1,695 support. If there are any more losses, the $1,550 mark may need to be tested.
Technical Indicators
Hourly MACD – The bearish zone of the MACD for ETH/USD is currently losing momentum.
Hourly RSI – ETH/USD’s RSI is currently below the 50 mark.
Major Support Level – $1,700
Major Resistance Level – $1,770
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