Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum started a sharp decline below $1,850 against the US Dollar. ETH price spiked towards $1,500 and it is currently struggling to stay above $1,650.
- Ethereum declined heavily after it broke the $1,850 and $1,750 support levels.
- The price is now trading well below $1,800 and the 100 hourly simple moving average.
- There was a break below a crucial bullish trend line with support near $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it fails to stay above the $1,650 support.
Ethereum Price is Showing Bearish Signs
Ethereum started a strong decline after it failed to stay above $2,000. ETH broke many important supports near $1,850 and $1,800 to move into a short-term bearish zone, similar to bitcoin.
There was also a break below a crucial bullish trend line with support near $1,865 on the hourly chart of ETH/USD. It opened the doors for more losses below the $1,750 support. The price even spiked below the $1,600 level and settled well below the 100 hourly simple moving average.
It traded close to the $1,500 support and recently started an upside correction. There was a recovery wave above the $1,600 and $1,650 levels. The price even climbed above the 50% Fib retracement level of the recent decline from the $1,980 high to $1,500 swing low.
Source: ETHUSD on TradingView.com
However, the price failed to surpass the $1,800 resistance level. It struggled to clear the 61.8% Fib retracement level of the recent decline from the $1,980 high to $1,500 swing low.
Ether is now moving lower and approaching the $1,650 support. If there is a close below $1,650 and $1,620, there are chances of a fresh decline towards the $1,500 support. An intermediate support sits near the $1,550 level.
Fresh Increase in ETH?
If Ethereum stay above the $1,650 support, it could attempt a fresh increase. The first key resistance is near the $1,750 level.
The next major resistance is forming near the $1,800 level (the recent breakdown zone). To move into a positive zone, the price must gain momentum above $1,850 and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $1,650
Major Resistance Level – $1,800