37.8 C
Dubai
Thursday, May 30, 2024
HomeAltcoin NewsEthereum Price Analysis: ETH Signals Downtrend Below $1,700

Ethereum Price Analysis: ETH Signals Downtrend Below $1,700

Date:

Related stories

  • 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.

Ethereum Price
Ethereum Price

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

Latest stories