Ethereum ’s price has recently experienced a downward trend, sliding below the critical $1,850 level. This correction has led to increased volatility, suggesting that further declines may be on the horizon, particularly if it breaches the key support zone at $1,785.
The cryptocurrency began its descent after facing difficulty in overcoming the $1,880 resistance threshold. Following this, Ethereum ’s value dropped below both the $1,850 and $1,820 support levels. This movement has placed the price under the $1,800 level, in conjunction with the 100-hourly Simple Moving Average. A bearish trend line is also evident, presenting resistance at around $1,830 on the hourly chart.
As the market looks ahead, Ethereum ’s price confronts significant obstacles near the $1,820 range, with the next critical resistance identified at $1,830. A move past this resistance could potentially lead the price towards $1,920, and if successfully crossed, may open the door for further gains, possibly targeting the $2,000 and even $2,050 levels.
Conversely, the downside remains a concern. Should Ethereum struggle to surpass the resistance at $1,830, the possibility for a renewed decline looms. The immediate support lies near $1,785, along with the 61.8% Fibonacci retracement level of the prior upward movement. Should this support be compromised, the price may then target the $1,750 area, following which further declines could push Ethereum down to the $1,720 support. Continued losses could lead the price to approach the subsequent support level at $1,685, with $1,640 marking a critical level.
Currently, technical indicators reveal a bearish sentiment, with the MACD for ETH/usd indicating growing downward momentum and the RSI remaining below the neutral zone, reinforcing the likelihood of further price adjustments.
