- Ethereum declined further below the $1,800 and $1,750 support levels.
- The price is now trading well below $1,800 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline heavily if it fails to stay above $1,710 and $1,700.
Ethereum Price is Holding Key Support
The price even broke the $1,750 support and settled well below the 100 hourly simple moving average. However, the bulls are now protecting the main $1,700 support zone. A low is formed near $1,712 and ether is now consolidating losses.
Source: ETHUSD on TradingView.com
On the upside, the first key resistance is forming near the $1,800 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $1,944 high to $1,712 low.
To move into a positive zone, ether price must clear the trend line resistance and $1,800. A close above $1,800 and the 100 hourly SMA could start a steady increase.
More Losses in ETH?
The main support is now forming near the $1,700 level. If there is a downside break below the $1,700 support, there is a risk of a nasty decline. In the stated case, ether price might dive towards $1,600 or even $1,550.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,800