Ethereum Price Analysis: ETH Consolidates Below Key Resistance

• Ethereum price is struggling below the $1,850 resistance against the US Dollar.
• ETH price is now trading below $1,800 and the 55 simple moving average (4 hours).
• There is a major bearish trend line forming with resistance near $1,775 on the 4-hour chart (data feed from Coinbase).
• The pair could continue to move down if it stays below $1,775 and $1,800.

Ethereum price is declining below $1,800 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,720 support zone.

Ethereum Price Analysis

This past week, Ethereum started a fresh decline below $1,850 against the US Dollar. ETH price moved into a bearish zone below the $1,800 level.

There was a sharp move below the $1,780 level. A low was formed near $1,716 before the price started an upside correction. The price climbed a few points higher above the $1,750 level. There was a spike above the 23.6% Fib retracement level of the downward move from the $1,898 swing high to the $1,716 low.

However, the price is still trading below $1,800 and the 55 simple moving average (4 hours). On the upside, the price is now facing resistance near the $1,760 level.

The next major resistance is near the $1,775 level. There is also a major bearish trend line forming with resistance near $1,775 on the 4-hour chart. A clear move above the $1,800 resistance or the 50% Fib retracement level of the downward move from the $1,898 swing high to the $1,716 low.

Any more gains could even send the price toward the $1,850 resistance zone or even $2,000 in the near term. On the downside, initial support is near the $1,720 level. The next major support is now near the $1,700 level. A break below the $1,700 support could push the price to $1,640. If the bulls fail to protect the $1,640 support, the price might decline toward $1,600.

Ethereum Price

Looking at the chart, Ethereum price is trading below $1,800 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,775 and $1,800.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $1,720, followed by the $1,700 zone.

Key Resistance$ Levels – $1,775 and $1,800.

Source