Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets

Ethereum price started a fresh decline below the $1,850 level against the US Dollar. ETH is at risk of a drop toward the $1,650 support zone in the near term.

• Ethereum is moving lower below the $1,880 support zone.
• The price is trading below $1,860 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if there is a clear move below $1,800.

Ethereum Price Extends Decline

Ethereum’s price started a fresh decline and traded below the $1,880 support zone. ETH even moved below the $1,850 support to enter a bearish zone, similar to Bitcoin.

The price traded close to the $1,800 level. A low is formed near $1,812 and the price is now consolidating losses. It is trading below $1,860 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,860 level and the trend line. The next resistance sits near $1,875 or the 50% Fib retracement level of the downward move from the $1,936 high to the $1,812 low.

The first major resistance seems to be forming near the $1,888 level or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $1,936 high to the $1,812 low. A close above the $1,888 resistance zone could send Ethereum toward the $1,920 resistance.

Source: ETHUSD on TradingView.com

Any more gains might start a decent increase toward the $1,950 resistance. In the stated case, the price may even rise toward the $2,000 resistance. The next key resistance is near $2,050.

More Losses in ETH?

If Ethereum fails to clear the $1,888 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level or the recent low.

The next major support is near the $1,800 zone, below which ether price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,650 level in the near term.

Technical Indicators

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 – $1,800

Major Resistance Level – $1,888

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