The price of ethereum against the US dollar fell sharply below $1,800 and $1,700. The $1,500 support region may be tested if ETH decides to resume its drop.
Ethereum price is slowly moving lower below the $1,880 level against the US Dollar. ETH is still at risk of a move toward the $1,790 support. Ethereum is moving lower from the $1,920 resistance. The price is trading below $1,880 and the 100-hourly Simple Moving Average.… #ETH pic.twitter.com/kn7GE6qFM5
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) June 29, 2023
- Subsequent to the $1,750 and $1,800 resistance levels, Ethereum is moving lower.
- The price is trading below both the 100-hour simple moving average and the $1,750 mark.
- On the hourly chart of ETH/USD (data feed through Kraken), a significant bearish trend line is developing with resistance located close to $1,750.
- In the immediate future, the pair may resume its drop and make another stop at the $1,500 support.
Ethereum Price Nosedives
After it broke through the $1,800 support level, the price of ethereum began a sharp drop. Similar to Bitcoin, ETH started to trend lower after trading below the $1,720 support.
— TechNoobs (@Tech_Noobs) July 15, 2019
Even lower than $1,600 was reached by the bears. It tested the $1,520 region at the end. The price has made a bottom near $1,517 and is currently attempting a rebound wave. There was an increase above $1,600. The price is currently trading above the 50% Fibonacci retracement level of the decline from the swing high of $1,826 to the low of $1,517.
The price may encounter resistance close to the $1,700 mark on the upside. It is not far from the 61.8% Fib retracement level of the decline from the swing high of $1,826 to the low of $1,517. The trend line, or the area around $1,750, will be the next barrier.
7/14 – For example, if the price of an asset is trending upwards and reaches a Fibonacci level, it may encounter resistance and potentially reverse direction.
— 𝕮𝖍𝖆𝖗𝖑𝖊𝖒𝖆𝖌𝖓𝖊 🗡️ (@0x_charlemagne) December 3, 2022
A close above $1,750 could signal the beginning of a respectable rise in the near future. The $1,800 mark and the 100-hour simple moving average are the next significant obstacles. If there are any further advances, the price may go toward the $1,820 resistance, after which it may move toward the $1.880 region.
Fresh Decline in ETH?
Ethereum may continue to decline if the $1,750 resistance is not overcome. Near $1,620 is where initial support on the downside is located.
Fresh decline in $ETH?
If #ethereum fails to rise above the $1,600 resistance, it could start another decline.
— Bonsai (@bonsai_trade) September 5, 2022
The $1,550 region serves as the first significant assistance. If the bulls are unable to defend the $1,550 support, further losses may occur. Near the $1,520 support level is the next significant level of support. The price may soon move toward $1,500 if there are any additional losses.