• Ethereum price is declining below $1,850 against the US Dollar.
• ETH/USD remains at a risk of more downsides below the $1,700 support zone.
• The next major support is now near the $1,740 level.
Ethereum Price Analysis
Ethereum price is gaining bearish momentum below the $1,880 resistance against the US Dollar. ETH price is now trading below $1,850 and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $1,820 on the 4-hour chart (data feed from Coinbase). The pair could continue to move down if it stays below $1,850 and $1,880.
On the downside, initial support is near the $1,780 level. The next major support is now near the $1,740 level. A break below this level could push Ethereum price to as low as $1,700. If bulls fail to protect this area further declines might be seen toward $1,650.
On the upside, Ether’s price faces resistance at around the $1,850 mark followed by another significant barrier at around$ 1,880 or 50% Fibonacci retracement of downward move from swing high of 2120 to 1737 low . Should these levels be breached then Ethereum might rise towards 2000 or even 2120 in short term run up..
Moving Average Indicators
At present Ethereum’s price has been trading under 55 simple moving average (4 hours) marker and MACD for ETH/USD has also gained bearish momentum in negative territory while RSI for same pair has fallen under 50 mark which means that bears have an upper hand here until something changes drastically..
Overall analysis suggests that if ETH/USD prices remain beneath both 850 & 880 marks then further downward movement can be expected in coming days else if bulls manage to defend 1740 & 1700 supports then we might see some relief rally towards 2000 & 2120 targets respectively in short term run up..