Ethereum Price Could Drop Below $1,700: Analysis
• 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 an upside break if Ethereum manages to move above $1,880 and $1,920 resistance levels.
Ethereum Price Analysis
Ethereum price is gaining bearish momentum below the $1,880 resistance against the US Dollar. ETH price is now trading below $1,850 and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $1,820 on the 4-hour chart (data feed from Coinbase). The pair could continue to move down if it stays below $1,850 and $1,880.
Upside Break Possibility
The next major resistance is near the $1,880 level or the 50% Fib retracement level of the downward move from the $2,020 swing high to the low of$ 1,737. Above this level there could be an upside break if Ethereum manages to move above both$ 1,880 and$ 1 , 920 resistance levels. If that happens it might call for a fresh move to$ 2 , 000 or even higher towards$ 2 , 120 .
On the downside initial support is near the$ 1 , 780 level . The next major support is now nearthe$ 1 , 740 level . A break below this level could push Ethereumprice towards$ 1 , 700 . If bulls fail to protect this area then itsprice might decline further towards$ 1 , 650 .
Looking at technical indicators on 4-hour chart MACD for ETH/USD is gaining momentum in bearish zone while RSI is currently below 50 mark.
Overall Ethereum price could continue to move down if it staysbelow both $\ 1 , 850 and $\ 1 , 880 resistances . If not then there could be an upsidebreak which may lead price towards $\ 2 , 000 or even higher i ntowards $\ 2120 .