• Ethereum price is declining below $1,850 against the US Dollar.
• ETH/USD remains at a risk of more downsides below the $1,700 support zone.
• There could be further losses unless the bulls protect the $1,700 support.
Ethereum Price Analysis
Ethereum price is gaining bearish momentum below the $1,880 resistance against the US Dollar. A low was formed near $1,737 before the price started an upside correction. However, it’s now trading below $1,850 and the 55 simple moving average (4 hours). The pair could continue to move down if it stays below $1,850 and $1,880.
Key Support and Resistance Levels
On the upside, the price is now facing resistance near the $1,850 level. The next major resistance is near the $1,880 level or 50% Fib retracement level of its downward move from its swing high to low. If it breaks this barrier then it could rise towards its next target at around $2K mark. On the downside initial support lies at around $1780 followed by a major support at around $1740 level. If bears take control over this level then it might decline towards its next target near or under 1700 mark.
The MACD for ETH/USD is currently in bearish zone while RSI for ETH/USD has dropped below 50 levels.
Overall Ethereum’s price could continue to move down if it stays below 1$850 and 1$880 levels unless bulls protect its key support of 1700 marks.
Etheruem’s current bearish trend suggests more downsides until bulls take control over key supports like 1$740 and 1$700 levels respectively .