Ethereum Price Trend Overwhelmingly Negative As Bears Aim $1,500

2023-08-18 04:54:31

Ethereum price declined heavily below $1,800 and $1,700 against the US Dollar. ETH could resume its decline and test the $1,500 support zone.

Ethereum is gaining bearish momentum below the $1,750 and $1,800 resistance levels.
The price is trading below $1,750 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could resume its decline and visit the $1,500 support in the near term.

Ethereum Price Nosedives

Ethereum’s price started a major decline after it broke the $1,800 support zone. ETH gained bearish momentum after it traded below the $1,720 support, similar to Bitcoin.

The bears even pushed the price below the $1,600 level. Finally, it tested the $1,520 zone. A low is formed near $1,517 and the price is now attempting a recovery wave. There was a move above the $1,600 level. The price is now trading above the 50% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low.

Ether is now trading below $1,750 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,700 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low. The next resistance is near $1,750 or the trend line.

Source: ETHUSD on TradingView.com

A close above the $1,750 level could start a decent increase in the near term. The next major resistance is near the $1,800 level and the 100-hourly Simple Moving Average. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1.880 zone.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level.

The first major support is near the $1,550 zone. If the bulls fail to protect the $1,550 support, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,500 level in the near term.

Technical Indicators

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

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

Major Support Level – $1,620

Major Resistance Level – $1,750

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