Summary:
- 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.
- The pair could continue to move down if it stays below $1,850 and $1,880.
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).
Upside Move
On the upside, the price is now facing resistance near the $1,850 level. 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 $1,737 low. A clear move above these levels might call for a fresh move to $2,000. Any more gains could even send the price toward the $2,120 resistance zone or even up to$ 2,200 in thenear term.
Downside Move
Onthe downside , initial support is nearthe$ 1 ,780level . The next majorsupportisnownearthe$ 1 ,740level . A breakbelowthislevelcouldpushthepriceto$ 1 ,700 . Ifthebullsfailtoprotectthe$ 1 ,700support ,thepricecoulddeclinetoward$ 1 ,650 .
