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Ethereum price started a downside correction below a $ 1,800 level. ETH is now testing the $ 1,750 zone and can still sink to $ 1,700.
- Ethereum initiated a downside correction and exchanged below the level of $ 1,780.
- The price trades below $ 1,775 and the 100-hour simple transfer of average.
- There was a break below a connecting bullish line line with support of $ 1,800 in time -oras eth/USD chart (Data Feed by Kraken).
- The pair can start a fresh increase if it removes $ 1,785 immunity.
Ethereum price starts with the downside correction
The Ethereum price remained stable above the level of $ 1,720 and started a fresh increase, such as Bitcoin. ETH exchanged above $ 1,750 and $ 1,780 levels. The bulls even pumped the price above $ 1,800 levels.
A high was formed near $ 1,850 and the price recently started a downside correction. There was a move below the 50% level of fib retracement of upward switch from $ 1,723 swing of less than $ 1,848 high. The price even sinks below the $ 1,800 level.
There was a break below a connecting bullish line with support of $ 1,800 in time -rass eth/USD chart. The bulls are now active near the 76.4% level of retracement of the upward switch from the $ 1,723 swing of less than $ 1,848 high.
Ethereum's price now trades below $ 1,780 and the 100-hour simple transfer of average. Upside down, the price seems to face barriers near the level of $ 1,775. The next major resistance is close to $ 1,800 levels. The first major resistance is close to the level of $ 1,820. A clear move above $ 1,820 resistance can send the price towards $ 1,850 resistance.
An inverted break above $ 1,850 resistance may call for more gains in the upcoming sessions. In the stated case, Ether can rise to $ 1,920 zone immunity or even $ 2,000 in the near term.
More losses in ETH?
If Ethereum fails to clear the $ 1,800 resistance, it can start a fresh decline. The initial downside support is close to the level of $ 1,750. The first major support is sitting near the $ 1,700 zone.
A clear move below the $ 1,700 support can push the price towards $ 1,650 support. Any more losses can send the price towards the $ 1,620 support level in the near term. The next major support is sitting at $ 1,550.
Technical indicators
Time MacD – MACD for ETH/USD loses momentum in the bearish zone.
Time RSI – RSI for ETH/USD is below 50 zones.
Basic Support Level – $ 1,750
Basic resistance level – $ 1,800
