This Level Is Key For Ethereum

ETH price is moving down from the $ 1,850 resistance zone against the US Dollar.

The price is approaching the $ 1,780 support and the 100 simple moving average.

There is a key bullish channel formed with support near $ 1,775 on the 4-hour chart of ETH / USD.

If the pair does not stay above $ 1,775 and then above $ 1,700 in the near term, it will drop drastically.

Ethereum Faces Obstacles

Last week, Bitcoin and Ethereum saw a fresh drop against the US Dollar at $ 60,000 and $ 1,880 respectively. ETH continued to bid above the $ 1,710 level and the 100 simple moving average (4 hours).

The last swing formed around $ 1,173 before there was an upward move. The price climbed above the $ 1,800 resistance level. There was a break above the 50% Fib retracement level of the downward move from the $ 1,942 low to $ 1,713.

However, the price failed to cross the $ 1,850 resistance zone. It looks like the price failed to clear the 61.8% Fib retracement level of the drop from the $ 1,942 low to $ 1.713 low.

Ethereum is currently falling and trading below $ 1,800. There is also a key bullish channel formed with support near $ 1,775 on the 4-hour chart of ETH / USD. If there is a downside break below the channel support, there is a risk of a dip towards the $ 1,710 support. Any losses below $ 1,700 would likely open the doors for a larger drop towards $ 1,550 and $ 1,500.

If Ethereum stays above the channel support or $ 1,700, it may try a new increase. An initial resistance on the upside is near the $ 1,820 level.

The first key resistance is near the $ 1,850 and $ 1,855 levels. If Ethereum price breaks the $ 1,850 resistance, there is a good chance of a strong increase in the coming sessions. The next key resistance stands near the $ 1,920 and $ 1,950 levels.

Technical indicators

4-hour MACD – The MACD for ETH / USD is now gaining momentum in the bearish zone.

4-hour RSI – The RSI for ETH / USD is currently just below the 50 level.

Major Support Level: $ 1,710.

Major Resistance Level – $ 1,850.

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