Ethereum Price Plunges Under $1,800, Leaving Bulls On The Ropes

Ethereum price started a fresh decline and traded below 1,800. ETH is now consolidating below 1,800 and might continue to move down. Ethereum remained in a bearish zone after a fresh decline below 1,840. The price is trading below 1,800 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at 1,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the 1,880 zone. Ethereum Price Dives Over 5 Ethereum price failed to remain stable above 1,880 and started a fresh decline, like Bitcoin. ETH price dipped below the 1,840 and 1,820 levels. The price even traded below 1,800. A low was formed at 1,716, and the price is now consolidating losses well below the 23.6 Fib retracement level of the downward move from the 1,889 swing high to the 1,716 low. There is also a bearish trend line forming with resistance at 1,800 on the hourly chart of ETH/USD. Ethereum price is now trading below 1,800 and the 100-hourly Simple Moving Average. If the bulls remain in action above 1,720, the price could attempt another increase. Immediate resistance is seen near the 1,780 level. The first key resistance is near the 1,800 level and the 50 Fib retracement level of the downward move from the 1,889 swing high to the 1,716 low. The next major resistance is near the 1,820 level. A clear move above the 1,820 resistance might send the price toward the 1,850 resistance. An upside break above the 1,850 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 1,880 resistance zone or even 1,920 in the near term. More Losses In ETH? If Ethereum fails to clear the 1,850 resistance, it could start a fresh decline. Initial support on the downside is near the 1,720 level. The first major support sits near the 1,700 zone. A clear move below the 1,700 support might push the price toward the 1,665 support. Any more losses might send the price toward the 1,640 region. The main support could be 1,620. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – 1,720 Major Resistance Level – 1,850