Key Takeaways:
- Ether’s price settled well below $1,900 and the 50-day simple moving average.
- ETH/USD is following a key declining channel with resistance near $1,825 on the daily chart.
- The Ethereum price could continue to decline if there is a close below the $1,780 support.
NEW DELHI (CoinChapter.com) — Ethereum’s ETH price is moving lower below $1,880. It is trading near a crucial uptrend support at $1,780, where the bulls might take a stand.
Ethereum Price (ETH) Visits Key Support
In the past few days, the crypto market saw a steady decline. Ethereum failed above $2,000 and started a fresh decline, similar to Bitcoin from above $30,000. There was a steady decline below the $1,920 support zone.
The price settled below the $1,900 support zone and the 50-day simple moving average. The decline was such that Ether broke the 50% Fib retracement level of the upward move from the $1,628 swing low to the $2,031 high.
The price is now trading well below $1,850. However, Ether is now trading near crucial support at $1,780 (a multi-touch zone). It is close to the 61.8% Fib retracement level of the upward move from the $1,628 swing low to the $2,031 high.
If the bulls remain active near the $1,780 support zone, there could be a fresh increase. On the upside, immediate resistance is near $1,820.
A key declining channel is forming with resistance near $1,825 on the daily chart. A close above the channel resistance might start a decent recovery wave. The next major resistance is near the $1,880 level and the 50-day simple moving average.
A daily close above the 50-day simple moving average could start a move toward the $2,000 resistance. Any more gains could open the doors for a move toward $2,250.
More Losses for ETH?
Conversely, Ethereum price might fail to stay above the $1,780 support and continue lower. Initial support is near the $1,720 level. The next major support is near the $1,700 level. A close below the $1,700 level might set the pace for another decline.
Ethereum price may drop toward the $1,625 support in the stated case. Any more losses could open the doors for a move toward the $1,550 support zone in the coming days.
Overall, Ether’s price is trading near crucial support at $1,780. If the bulls protect $1,780, a decent increase could be above $1,825. On the other hand, the price might extend its decline below $1,720 in the near term.
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