Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets

2023-08-17 05:06:43

Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. ETH could drop further toward the $1,720 support zone.

Ethereum is gaining bearish momentum below the $1,850 and $1,840 resistance levels.
The price is trading below $1,830 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could drop further if it stays below $1,850 in the coming days.

Ethereum Price Extends Losses

Ethereum’s price failed to recover above the $1,850 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,820 level, similar to Bitcoin.

The bears were able to push the price below the $1,800 level. A low is formed near $1,778 and the price is now consolidating losses. There was a recovery wave above the $1,795 level. The price is now trading near the 23.6% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low.

Ether is now trading below $1,830 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,815 level or the trend line. It is close to the 50% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low. The next resistance is near $1,830 or the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The first key resistance is near the $1,835 level. The next key resistance is near the $1,850 level. A close above the $1,850 level could start a decent increase toward $1,880. Any more gains might send the price toward the $1,920 resistance, above which the price could rise toward the $2,000 zone.

More Losses in ETH?

If Ethereum fails to clear the $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.

The first major support is near the $1,750 zone. If the bulls fail to protect the $1,750 support, there could be more losses. The next major support is near the $1,720 support level. Any more losses might send the price toward the $1,650 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,780

Major Resistance Level – $1,820

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