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Ethereum Price Analysis: ETH Could Drop Below $1,700

Summary:
Earn Your First Bitcoin Sign up and get Bonus Referral bonus up to ,000 Sign up Ethereum price is gaining bearish momentum below the ,880 resistance against the US Dollar. ETH price is now trading below ,850 and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near ,820 on the 4-hour chart (data feed from Coinbase). The pair could continue to move down if it stays below ,850 and ,880. Ethereum price is declining below ,850 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,700 support zone. Ethereum Price Analysis This past week, Ethereum started a fresh decline below ,920 against the US

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Ethereum Price Analysis: ETH Could Drop Below $1,700

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  • 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.

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.

Ethereum Price Analysis

This past week, Ethereum started a fresh decline below $1,920 against the US Dollar. ETH price moved into a bearish zone below the $1,880 level.

A low was formed near $1,737 before the price started an upside correction. There was a move above the 23.6% Fib retracement level of the downward move from the $2,020 swing high to the $1,737 low. Besides, there was a break above a key bearish trend line with resistance near $1,820 on the 4-hour chart.

It is now trading below $1,850 and the 55 simple moving average (4 hours). 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, above which it could rise toward the $1,920 resistance zone. A clear move above the $1,880 and $1,920 resistance 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 $2,200 in the near term.

On the downside, initial support is near the $1,780 level. The next major support is now near the $1,740 level. A break below the $1,740 support could push the price to $1,700. If the bulls fail to protect the $1,700 support, the price might decline toward $1,650.

Ethereum Price Analysis: ETH Could Drop Below $1,700

Ethereum Price

Looking at the chart, Ethereum price is trading below $1,880 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,850 and $1,880.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $1,740, followed by the $1,700 zone.

Key Resistance$ Levels – $1,840 and $1,880.

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