Ethereum Slips Under $1,800 – ETH to Gain Support Near $1,680
Skerdian Meta • 2 min read
Ethereum continued to fall below the $1,820 support level versus the US dollar. However, if ETH does not begin a recovery wave over $1,900, it may fall even deeper. ETHEREUM has begun a new drop, trading below the $1,900 mark.
The price has dropped below $1,880 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a key negative trend line is forming with resistance near $1,880. If there is a clear move below $1,800, the pair could continue to fall.
Ethereum Price Turns Red
After falling below the $1,900 threshold, Ethereum began to fall, and ETH fell below the $1,850 support level, putting more pressure on the bulls.
The bears even pushed the price below $1,820, but the price remained above $1,800. The price has created a bottom near $1,806, which is now consolidating losses. The price of ether is currently trading below $1,880 and the 100-hourly simple moving average.
On the upside, an immediate barrier is near the $1,840 mark, close to the 23.6% Fib retracement of the recent slide from the $1,955 swing high to the $1,806 low.
The first major resistance is already emerging near the $1,880 mark and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a key negative trend line is forming with resistance near $1,880. The trend line is close to the 50% Fib retracement level of the current collapse from the swing high of $1,955 to the low of $1,806 in price.
A clear break above the $1,880 resistance level could take the price above the $1,900 level. The next big barrier is near $1,920, above which the price may perhaps go into the positive zone.
More ETH Losses?
If Ethereum fails to break through the $1,880 barrier, it may continue to fall. On the downside, an initial support level is near $1,800. The next key support is near $1,780, below which the price of ether may begin to fall. The price may decline towards the $1,750 level in the stated case. Any further losses might pave the way for a move towards the $1,650 mark. Good luck!