Ethereum price began a novel decline and reached below $1,750. ETH is currently consolidating below $1,750 and may continue to decline.

• Ethereum remained in a bear zone after falling below $1,800 again.
• The price is trading below $1,780 and the 100-hour uncomplicated moving average.
• A bearish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with resistance at $1,750.
• The pair may continue to decline if it remains below the $1,820 zone.

Ethereum price remains in a downtrend

Ethereum price failed to stay stable above $1,840 and began a novel decline, just like Bitcoin. The price of ETH fell below the levels of $1,800 and $1,780.

The price even dropped below $1,750. The bottom formed at $1,715, and the price is currently consolidating losses well below the 23.6% Fib retracement level, the result of the downward move from the high of $1,888 to the low of $1,715. A bearish trend line is also forming on the hourly chart of ETH/USD with resistance at $1,750.

Ethereum price is currently trading below $1,750 and the 100-hour uncomplicated moving average. If the bulls keep the action above $1,700, the price may be tempted to move higher again. Immediate resistance is seen near the $1,750 level.

The first key resistance is located near the $1,800 level and the 50% Fib retracement level, which is the downward movement from the high at $1,888 to the low of $1,715. The next major resistance is near the $1,820 level. A clear move above the resistance at $1,820 could push the price towards the resistance at $1,880. An upward break above the $1,880 area could trigger further gains in the coming days. In the above case, Ether may rise towards the resistance zone at $1,920 or even $1,965 in the near future.

Continued declines on ETH?

If Ethereum fails to break the resistance at $1,880, a novel decline could begin. Initial downside support is near the $1,715 level. The first major support is located near the $1,680 zone.

A clear move below the $1,680 support could push the price towards the $1,650 support. Any further losses could push the price towards the $1,625 region. The main support can be $1,600.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 1,715

Major resistance level – $1,880