Ethereum price is moving lower below the $1,800 support against the US Dollar. ETH could accelerate lower toward the $1,650 support in the near term.
- Ethereum is currently moving lower from the $1,850 resistance zone.
- The price is trading below $1,820 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a move above the $1,800 and $1,830 resistance levels.
Ethereum Price Turns Red
Ethereum’s price failed to start a recovery wave above the $1,850 resistance zone. ETH remained in a bearish zone and traded below the $1,830 support, similar to Bitcoin.
The decline was such that the price even broke the $1,800 support. A new weekly low is formed near $1,770 and the price is now trading in the red zone. Ether is well below $1,820 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,800 on the hourly chart of ETH/USD.
More Losses in ETH?
If Ethereum fails to clear the $1,830 resistance, it could continue to move down. Initial support on the downside is near the $1,770 level.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,770 Major Resistance Level – $1,830 Chart from Tradingview