[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Ethereum Fails Near Key Resistance, Why $1,700 Is The Key

0

Ethereum struggled to clear the key $1,920 resistance against the US Dollar. ETH declined sharply and now testing the main $1,700 support zone.

  • Ethereum failed to surpass the main $1,920 resistance zone.
  • The price is now trading below $1,800 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might decline heavily if there is a clear move below the $1,700 support zone.

Ethereum Price Trims Gains

Ethereum gained pace above the $1,850 resistance level to start a recovery wave. There was a steady move above the $1,880 level and the 100 hourly simple moving average.

The price climbed above the 50% Fib retracement level of the key decline from the $2,015 swing high to $1,735 low. Ether price even moved above the $1,900 level, but the bears remained active near the main hurdle at $1,920.

The price struggled above the $1,900 level. It faced sellers near the 61.8% Fib retracement level of the key decline from the $2,015 swing high to $1,735 low.

As a result, there was a sharp decline below the $1,850 support. There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD. Ether price declined heavily and even broke the $1,750 support zone.

Source: ETHUSD on TradingView.com

It is now consolidating losses above the $1,700 support. On the upside, an initial resistance is near the $1,780 level. The next major resistance is near the $1,800 and $1,820 levels. A clear move above the $1,820 resistance might start a decent recovery. In the stated case, the price could revisit $1,850. Any more gains might set the pace for a move towards $1,900.

More Losses in ETH?

If ethereum fails to rise above the $1,820 resistance, it could continue to move down. An initial support on the downside is near the $1,720 zone.

The next major support is near the $1,700 level. A clear move below the $1,700 level might spark a major decline. The next major support might be $1,660. Any more losses could send the price towards the $1,550 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now in the oversold zone.

Major Support Level – $1,700

Major Resistance Level – $1,820

Leave A Reply

Your email address will not be published.