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  • Writer's pictureSarah Dixon

Ethereum price may drop to $1,800 as bulls weaken.


Ethereum price may drop to $1,800 as bulls weaken.
Ethereum price may drop to $1,800 as bulls weaken.

Ethereum price is struggling to rise above the $1,850 zone against the US Dollar. ETH could drop toward the $1,800 support in the near term.

  • Ethereum is trading in a range below the $1,850 and $1,860 resistance levels.

  • The price is trading below $1,850 and the 100-hourly Simple Moving Average.

  • There is a key contracting triangle forming with support near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could drop toward $1,800 if there is no close above the $1,860 resistance.

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Ethereum price may drop to $1,800 as bulls weaken.


Ethereum price may drop to $1,800 as bulls weaken. Ethereum Price Dips Again

The price of Ethereum failed to breach the $1,860 resistance level and experienced a downward reaction, mirroring Bitcoin's performance. It reached a peak of around $1,853 before dropping below the $1,840 mark. A low was established at approximately $1,837, and the pair is currently consolidating losses. The cryptocurrency has risen above the 23.6% Fibonacci retracement level of the recent decline from the $1,853 high to the $1,837 low. However, it is currently trading below $1,850 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a key contracting triangle is also forming with support near $1,840. The price may encounter resistance near either the $1,845 level or the 100-hourly Simple Moving Average on the upside.

Source: ETHUSD on TradingView.com
Source: ETHUSD on TradingView.com


The 50% Fib retracement level of the recent decline from the $1,853 swing high to the $1,837 low is also near $1,845. The first key resistance is near the $1,850 level. The next key resistance is near the $1,860 level. A close above the $1,860 level could send the price toward $1,880. Any more gains might send the price toward the $1,920 pivot level, above which the price could rise toward the $2,000 zone.


More Losses in ETH?

If Ethereum fails to clear the $1,850 resistance, it could continue to move down. Initial support on the downside is near the $1,840 level or the triangle lower trend line.

The first major support is near the $1,835 zone. If the bulls fail to protect the $1,835 support, there could be more losses. The next major support is near the $1,800 support level. Any more losses might send the price toward the $1,740 level in the near term.


Technical Indicators

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

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

Major Support Level – $1,835

Major Resistance Level – $1,850


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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