- Ethereum price is struggling below the $1,800 resistance against the US Dollar.
- ETH price is now trading below $1,780 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $1,690 on the 4-hour chart (data feed from Coinbase).
- The pair could continue to move down if it stays below $1,690 and $1,700.
Ethereum price is declining below $1,700 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,640 support zone.
Ethereum Price Analysis
This past week, Ethereum started a fresh decline below $1,800 against the US Dollar. ETH price moved into a bearish zone below the $1,850 level.
There was a sharp move below the $1,700 level. A low was formed near $1,540 and the price is now consolidating losses. It is now trading below $1,780 and the 55 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $1,690 on the 4-hour chart.
It is trading above the 23.6% Fib retracement level of the downward move from the $1,859 swing high to the $1,540 low. On the upside, the price is now facing resistance near the $1,690 level.
The next major resistance is near the $1,700 level. The 50% Fib retracement level of the downward move from the $1,859 swing high to the $1,540 low is also near $1,700. A clear move above the $1,700 resistance could send the price toward $1,760.
Any more gains could even send the price toward the $1,800 resistance zone or even $1,850 in the near term. On the downside, initial support is near the $1,630 level.
The next major support is now near the $1,600 level. A break below the $1,600 support could push the price to $1,540. If the bulls fail to protect the $1,540 support, the price might decline toward $1,420.
Looking at the chart, Ethereum price is trading below $1,800 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,690 and $1,700.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,630, followed by the $1,600 zone.
Key Resistance$ Levels – $1,690 and $1,700.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.livebitcoinnews.com/ethereum-price-analysis-eth-signals-downtrend-below-1700/
- :is
- 23
- 420
- 50
- 7
- 700
- a
- above
- against
- also
- analysis
- and
- At
- average
- bearish
- below
- Bitcoin
- Bitcoin News
- Break
- Bulls
- by
- Chart
- clear
- coinbase
- consolidating
- continue
- contracting
- could
- data
- Decline
- Declining
- Dollar
- down
- downside
- downsides
- downtrend
- downward
- ETH
- eth price
- ETH/USD
- ethereum
- Ethereum Price
- Ethereum Price Analysis
- Even
- facing
- FAIL
- followed
- For
- formed
- from
- gaining
- Gains
- High
- HOURS
- HTTPS
- if
- in
- index
- initial
- into
- IT
- Key
- Level
- levels
- live
- Live Bitcoin News
- losses
- Low
- MACD
- major
- max-width
- might
- Momentum
- more
- move
- moved
- moving
- moving average
- Near
- news
- next
- now
- of
- on
- or
- overall
- pair
- past
- plato
- Plato Data Intelligence
- PlatoData
- price
- Price Analysis
- protect
- Push
- relative
- relative strength index
- remains
- Resistance
- retracement
- Risk
- rsi
- send
- sharp
- signals
- Simple
- started
- strength
- Struggling
- support
- support levels
- Swing
- term
- The
- There.
- to
- toward
- Trading
- TradingView
- Upside
- us
- US Dollar
- was
- week
- with
- zephyrnet