Ethereum’s price has dropped below $1,800, currently testing support at $1,750 and possibly $1,700. Recent corrections follow a peak near $1,850. Key resistance is noted at $1,800; if that fails, further declines could occur. The situation remains fluid as traders assess upcoming support levels and potential recoveries.
The price of Ethereum is currently experiencing a retreat, dropping below the pivotal $1,800 mark. This decline has seen ETH hover around the $1,750 level, with analysts speculating that it might slide further to $1,700 if current trends continue. Earlier, Ethereum had traded above $1,780 but appears to be facing challenges.
Recent trading activity shows ETH slipping beneath the 100-hourly Simple Moving Average, currently valued at approximately $1,775. A trend line that previously provided bullish support, around the $1,800 threshold, has also been breached, hinting at potential further declines. However, if ETH manages to surpass the $1,785 resistance, there could be a chance for recovery.
Initially, Ethereum showed stability above the $1,720 mark as it rallied alongside Bitcoin, crossing significant milestones at $1,750 and $1,780. The price even peaked near $1,850 but has since corrected downward. Following the recent high, ETH dipped below the 50% Fibonacci retracement level from the swing low of $1,723 to the high of $1,848, reinforcing concerns of further decline.
The current trading dynamics display Ethereum at a precarious position below the key resistance level of $1,780. Traders are now closely monitoring the next critical resistance at $1,800, followed by $1,820. A decisive move beyond $1,820 could potentially propel prices towards the $1,850 resistance mark, with some analysts suggesting that major gains could follow.
Conversely, should Ethereum fail to breach the $1,800 threshold, it risks initiating a new downward trend. The immediate support level sits at $1,750, with more significant support found at $1,700. A decisive drop below $1,700 could lead to further declines toward $1,650 and potentially as low as $1,620 in the near future, making $1,550 the next significant support level to watch.
In terms of technical indicators, the hourly MACD suggests a loss of momentum in the bearish zone, while the RSI is currently under the 50 level, indicating a potential lack of bullish movement.
Traders and analysts remain on alert, weighing the balance between resistance and support. The outcome of this trending movement in Ethereum could set the stage for its near-term price action.
