Key Takeaways:
- Ether price is showing bearish signs below the 50-day simple moving average.
- ETH/USD is facing a major bearish trend line with resistance near $1,760 on the daily chart.
- The price could continue to move down toward $1,550 or even $1,370.
ETH Price Prediction | Photo by GuerrillaBuzz Crypto PR on Unsplash
Ethereum’s ETH is signaling a downtrend below $1,760 and $1,800. It could correct a few points but is likely to trend lower toward $1,550.
Ethereum (ETH) Price Turns Red
In the past few days, Ethereum saw bearish moves from the $1,920 resistance zone against the US dollar. The ETH/USD pair declined below the $1,840 support to move into a bearish zone.
The recent decline in Bitcoin and other altcoins also pushed ETH lower. There was a close below the $1,760 support level and the 50-day simple moving average. The bears were able to push the price below the 50% Fib retracement level of the key increase from the $1,370 swing low to the $2,146 high.
Ethereum’s daily price chart | Source: ETHUSD on TradingView.com
The current price action suggests Ether is in a downtrend below the 50-day simple moving average. It is also trading below the 61.8% Fib retracement level of the key increase from the $1,370 swing low to the $2,146 high.
If the bears remain in action, the price could continue to move down toward the $1,550 support (a multi-touch zone). The next major support is near the $1,500 level.
A close below the $1,500 level might set the pace for another larger decline. In the stated case, Ethereum may perhaps decline toward the $1,370 support in the coming days.
Upsides Capped?
Conversely, ETH might stay above the $1,550 support zone. An Immediate hurdle on the upside is near the $1,720 level. The first major resistance is near the $1,750 level. There is also a major bearish trend line forming with resistance near $1,760 on the daily chart.
If Ethereum climbs above the $1,760 resistance, it could gain bullish momentum. The next major resistance is near the $1,920 level. A close above the $1,920 resistance might push Ether toward the $2,000 zone. Any more gains could open the doors for a move toward $2,150.
Overall, Ether price is signaling a major breakdown below $1,760 and $1,720. If ETH remains below $1,760 for a long time, there is a risk of a drop toward the $1,550 support. On the other hand, the price might start a recovery wave toward $1,920.
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