Ethereum saw a huge drop against the US Dollar well above $ 1,850. ETH price is trading near the $ 1,700 support and could break below that level.
Ethereum broke further below the $ 1,800 and $ 1,750 support levels.
The price is currently trading well below $ 1,800 and the 100 hourly simple moving average.
There is a major bearish trend line showing resistance near $ 1,820 on the hourly chart of ETH / USD.
The pair could drop drastically if it fails to stay above $ 1,710 and $ 1,700.
Ethereum Price Holds Key Support
Ethereum failed to climb above the $ 1,850 level and, similarly to Bitcoin, extended its decline. ETH broke through the $ 1,800 support zone to advance into the bearish zone.
The price even broke the $ 1,750 support and fell well below the 100 hourly simple moving average. However, the bulls are currently holding the main support zone of $ 1,700. A low has occurred around $ 1,712 and Ether is currently consolidating losses.
An initial resistance on the upside is near the $ 1,765 level.
On the upside, the first key resistance is formed near the $ 1,800 level and the 100 hourly simple moving average. There is a major bearish trend line with resistance near $ 1,820 on the hourly chart of ETH / USD.
To move into a positive zone, the ether price must clear the trendline resistance and $ 1,800. A close above $ 1,800 and the 100 hourly SMA could start a steady increase.
More Loss on ETH?
If Ethereum fails to correct above the $ 1,765 and $ 1,800 resistance levels, it can correct even lower. The first major support is near the $ 1,710 level.
The main support is currently forming near the $ 1,700 level. If there is a downside break below the $ 1,700 support, there is a risk of a bad downside. In the stated situation, the price of ether could drop to $ 1,600 or even $ 1,550.
Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly decelerating in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently well below the 50 level.
Major Support Level: $ 1,700.
Major Resistance Level: $ 1,800.
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