Ethereum Price Faces Potential Drop Below $1,785 Support Level
Ethereum Price Update
Ethereum is currently experiencing a downside correction, trading below the $1,800 mark. Key points include:
- ETH declined below $1,850 and $1,820.
- It is trading under the 100-hourly Simple Moving Average.
- A bearish trend line forms resistance at $1,830.
- If the price breaks below $1,785, further declines are likely.
Resistance and Support Levels
Failed attempts to surpass the $1,880 resistance have led to a decline. The current support level is around $1,785, with major support at $1,750. If this level is breached, potential drops to $1,720 and $1,685 are possible.
Key resistance levels include:
- $1,820
- $1,830
- $1,880
- $1,920
- $2,000
- $2,050
Technical Indicators
- The MACD for ETH/USD indicates increasing bearish momentum.
- The RSI is below 50.