Ethereum Price Plunge To $1,800 On The Horizon, As Bulls Show Weak Hands

2023-08-15 05:33:05

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.

Ethereum Price Dips Again

Ethereum’s price remained below the $1,860 resistance zone and reacted to the downside. ETH topped near $1,853 and declined below the $1,840 level, similar to Bitcoin.

A low is formed near $1,837 and the pair is now consolidating losses. It climbed above the 23.6% Fib retracement level of the recent decline from the $1,853 swing high to the $1,837 low. Ether is now trading below $1,850 and the 100-hourly Simple Moving Average.

There is also a key contracting triangle forming with support near $1,840 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,845 level or the 100-hourly Simple Moving Average.

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 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 – $1,835

Major Resistance Level – $1,850

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