Ethereum price started a fresh decline from the $1,800 resistance against the US Dollar. ETH could decline further if the bulls fail to protect the $1,680 support.
- Ethereum started a downside correction below $1,780 and $1,750.
- The price is trading below $1,750 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline if it stays below $1,740 and $1,750.
Ethereum Price Extends Decline
Ethereum price struggled to gain pace above the $1,800 resistance zone. ETH traded as high as $1,801 and recently started a fresh decline. There was a clear move below the $1,750 support zone.
The price declined over 3% and traded below $1,720, similar to bitcoin. A low is formed near $1,687 and the price is now consolidating losses. It is now consolidating near the 23.6% Fib retracement level of the recent decline from the $1,801 swing high to $1,687 low.
Downside Break in ETH?
If ethereum fails to clear the $1,745 resistance, it could start another decline. An initial support on the downside is near the $1,700 level.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,685 Major Resistance Level – $1,745