Ethereum Price Analysis: ETH Signals Downtrend Below $1,700
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.
The post Ethereum Price Analysis: ETH Signals Downtrend Below $1,700 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ August 22, 2023 3:38 am