Ethereum Price Sees Significant Technical Correction, But Main Support is Maintained

Ethereum price initiated a downward correction from the $1,840 region against the US Dollar. ETH is still holding the $1,700 support and may attempt a new increase.

• Ethereum reacted downwards from the main $1,840 resistance region.
• The price is trading below $1,780 and the 100 hourly simple moving average.
• On the hourly ETH/USD chart, a significant bullish trend line was broken with support at $1,750.
• If the pair stays above the main $1,700 support region, a new increase may start.

Ethereum Price Correcting

Ethereum price initiated a downward correction from the $1,820 resistance region. ETH corrected below $1,800, similar to Bitcoin.

The Fed raised interest rates and a significant bullish trend line with support at $1,750 was broken. The pair dropped below the $1,750 support region. A low was formed near $1,713 and the price is now consolidating losses.

Currently, the Ether price is trading below $1,780 and the 100 hourly simple moving average. The downward movement is testing the 23.6% Fib retracement level of the move from the $1,825 high to $1,713 low.

On the upside, the price is facing resistance near the $1,760 region. The next major resistance is near the $1,770 region and the 100 hourly simple moving average. This is close to the 50% Fib retracement level of the move from the $1,825 high to $1,713 low.

The first major resistance is near $1,800. A close above the $1,800 resistance region may send the price towards $1,840. If bulls surpass the $1,840 hurdle, a strong upward movement may occur.

Downward Break in ETH?

If Ethereum fails to surpass the $1,770 resistance, it may initiate another decline. The first support for the downward movement is near $1,720.

The next major support is near the $1,695 region. A break below $1,695 may lead to bearish momentum and a drop below $1,620. Further losses may require testing the $1,550 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 level.

Major Support Level – $1,700

Major Resistance Level – $1,770