ETH Nears Key Bearish Trend Line At $1800 But Could Explode Again

ETH nears key bearish trend line at the $1800 level so it has to settle above it in order to rise again as we can see more in our latest ethereum price news today.

ETH traded towards the $1710 support before correcting higher and it is now facing a strong resistance closer to the $1800 and the 100 hourly simple moving average. There’s a key bearish trend line that is forming with the resistance at $1800 on the hourly chart of the pair that will start a steady increase if it manages to settle above $1800. ETH declined towards the $1700 support zone where the bulls appeared and the price traded to $1712 before a new upside correction started.

The price traded above the $1750 and the $1760 resistance levels with a break above the 23.6% fib retracement level from the downward move of $1944 high to $1712 low. But, the price seems to be facing strong resistance at the $1800 level. there’s also a key bearish trend line that is forming with the resistance near the $1800 level on the hourly charts of the pair with the trend line resistance at $1800 being close to the 100 hourly simple moving average.

Breaking above the trend line resistance will open the doors for another increase above $1800 and the immediate resistance is set at $1828. It’s close to the 50% fib retracement level from the downward wave of $1944 high to $1712 low with the next key resistance being near the $1855 level above which the price will rise steadily to $1900 and the $1920 levels in the near-term. If ETH fails to correct higher above the $1800 level and the $1828 resistance levels, it will decline lower near to the $1710 level.

ETH nears key bearish trend line but the main support is forming near the $1700 level. if the bulls are able to defend it, there’s another risk of a drop towards the $1660 level. More losses will lead the price towards the $1620 level while the hourly MACD for the pair is gaining pace in the bearish zone. The hourly RSI for the pair is well below the 50 levels while the major support level is set at $1700.