Ethereum Price Slides Below $1,800 Amidst Bearish Sentiment
Ethereum’s price has entered a fresh downturn, trading below the critical $1,800 mark. The cryptocurrency is currently consolidating its losses in this lower range, with indicators suggesting a potential for further declines.
Ethereum’s Downward Trajectory
Ethereum has remained firmly within a bearish zone following a significant drop below $1,840. The digital asset is now trading beneath both the $1,800 threshold and its 100-hourly Simple Moving Average. A bearish trend line has emerged on the hourly ETH/USD chart, with resistance identified at the $1,800 level, according to data from Kraken. The pair’s downward momentum could persist if it fails to reclaim the $1,880 zone.
Over 5% Drop Recorded
Ethereum experienced a notable decline, failing to sustain its position above $1,880 and initiating a fresh downward movement, mirroring Bitcoin’s recent performance. The ETH price breached the $1,840 and $1,820 support levels, subsequently falling below $1,800. A low of $1,716 was established, and the price is now consolidating well below the 23.6% Fibonacci retracement level of the move from the $1,889 swing high to the $1,716 low.
The hourly ETH/USD chart shows a developing bearish trend line with resistance at $1,800. Ethereum is currently trading below $1,800 and the 100-hourly Simple Moving Average.
Potential for Recovery and Further Losses
Should bullish sentiment prevail and the price hold above $1,720, Ethereum might attempt a recovery. Immediate resistance is observed around the $1,780 level. The first significant resistance point is situated near $1,800, which also coincides with the 50% Fibonacci retracement level of the recent downward move. The next key resistance lies at the $1,820 level. A decisive break above $1,820 could propel the price towards the $1,850 resistance. Surpassing the $1,850 region might signal further gains in the coming days, potentially pushing Ethereum towards the $1,880 resistance zone or even $1,920 in the short term.
However, if Ethereum falters to clear the $1,850 resistance, a renewed decline could ensue. Initial support is found near the $1,720 level. The primary support zone is located around $1,700. A clear breach below this $1,700 support could drive the price towards the $1,665 support. Further losses might see the price testing the $1,640 region, with the main support potentially at $1,620.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is showing increasing momentum within the bearish zone.
- Hourly RSI: The RSI for ETH/USD has fallen below the 50 level.
Major Support Level: $1,720
Major Resistance Level: $1,850
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