- Ethereum price started a downside correction from the $1,865 resistance against the US Dollar.
- ETH price is now trading above $1,750 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with support near $1,785 on the 4-hour chart (data feed from Coinbase).
- The pair could continue to move down if it breaks the $1,785 support zone.
Ethereum price is declining below $1,820 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,785 support zone.
Ethereum Price Analysis
This past week, Ethereum started a decent increase above the $1,700 resistance zone against the US Dollar. ETH price climbed above the $1,750 and $1,765 resistance levels.
Finally, it tested the $1,850 resistance zone. A high was formed near $1,865 before there was a downside correction. There was a move below the $1,820 support zone. The price even traded below the 23.6% Fib retracement level of the upward move from the $1,542 swing low to the $1,865 high.
ETH is now trading above $1,750 and the 55 simple moving average (4 hours). There is also a key contracting triangle forming with support near $1,785 on the 4-hour chart.
On the upside, the price is now facing resistance near the $1,820 level. The next major resistance is near the $1,850 level. The next major resistance is near the $1,865 zone. A clear move above the $1,850 and $1,865 resistance levels might call for a fresh move to $1,950.
Any more gains could even send the price toward the $2,000 resistance zone or even $2,100 in the near term. On the downside, initial support is near the $1,785 level and the trend line.
The next major support is now near the $1,700 level. It is close to the 50% Fib retracement level of the upward move from the $1,542 swing low to the $1,865 high. A break below the $1,700 support could push the price to $1,650. If the bulls fail to protect the $1,650 support, the price might decline toward $1,600.
Looking at the chart, Ethereum price is clearly trading above $1,750 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $1,785 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,785, followed by the $1,700 zone.
Key Resistance Levels – $1,820 and $1,850.