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HomeAltcoin NewsEthereum Price Analysis: ETH Turns Red Below $1,850

Ethereum Price Analysis: ETH Turns Red Below $1,850

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  • Ethereum price is gaining bearish momentum below the $1,850 resistance against the US Dollar.
  • ETH price is now trading below $1,840 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $1,860 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it stays below $1,840 and $1,850.

Ethereum price is declining below $1,840 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,780 support zone.

Ethereum Price Analysis

This past week, Ethereum started a fresh decline below $1,880 against the US Dollar. ETH price moved into a bearish zone below the $1,850 level.

There was a sharp move below the $1,840 level. Besides, there was a break below a key bullish trend line with support near $1,860 on the 4-hour chart. A low was formed near $1,777 before the price started an upside correction.

There was a move above the 23.6% Fib retracement level of the downward move from the $1,914 swing high to the $1,777 low. However, the price is still trading below $1,840 and the 55 simple moving average (4 hours).

On the upside, the price is now facing resistance near the $1,840 level. The next major resistance is near the $1,850 level or the 50% Fib retracement level of the downward move from the $1,914 swing high to the $1,777 low, above which it could rise toward the $1,880 resistance zone.

A clear move above the $1,880 and $1,900 resistance levels might call for a fresh move to $2,000. Any more gains could even send the price toward the $2,120 resistance zone or even $2,200 in the near term.

On the downside, initial support is near the $1,780 level. The next major support is now near the $1,750 level. A break below the $1,750 support could push the price to $1,700. If the bulls fail to protect the $1,700 support, the price might decline toward $1,650.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading below $1,840 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,840 and $1,850.

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 – $1,770, followed by the $1,740 zone.

Key Resistance$ Levels – $1,840 and $1,880.

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.

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