Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets<\/title>\n<meta name=\"description\" content=\"Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. ETH could drop further toward the $1,720 support zone.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets\" \/>\n<meta property=\"og:description\" content=\"Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. 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{"id":547601,"date":"2023-08-17T04:23:44","date_gmt":"2023-08-17T04:23:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547601"},"modified":"2024-06-11T10:47:20","modified_gmt":"2024-06-11T10:47:20","slug":"ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets\/","title":{"rendered":"Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets"},"content":{"rendered":"

Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. ETH could drop further toward the $1,720 support zone.<\/em><\/p>\n

\n
Ethereum is gaining bearish momentum below the $1,850 and $1,840 resistance levels.<\/li>\n
The price is trading below $1,830 and the 100-hourly Simple Moving Average.<\/li>\n
There is a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n
The pair could drop further if it stays below $1,850 in the coming days.<\/li>\n<\/ul>\n
Ethereum Price Extends Losses<\/h2>\n
Ethereum\u2019s price failed to recover above the $1,850 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,820 level, similar to Bitcoin<\/a>.<\/p>\n
The bears were able to push the price below the $1,800 level. A low is formed near $1,778 and the price is now consolidating losses. There was a recovery wave above the $1,795 level. The price is now trading near the 23.6% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low.<\/p>\n
Ether is now trading below $1,830 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD.<\/p>\n
On the upside, the price might face resistance near the $1,815 level or the trend line. It is close to the 50% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low. The next resistance is near $1,830 or the 100-hourly Simple Moving Average.<\/p>\n
$\"Ethereum$ <\/p>\n
Source: ETHUSD on TradingView.com<\/a><\/p>\n
The first key resistance is near the $1,835 level. The next key resistance is near the $1,850 level. A close above the $1,850 level could start a decent increase toward $1,880. Any more gains might send the price toward the $1,920 resistance, above which the price could rise toward the $2,000 zone.<\/p>\n
More Losses in ETH?<\/h2>\n
If Ethereum fails to clear the $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.<\/p>\n
The first major support is near the $1,750 zone. If the bulls fail to protect the $1,750 support, there could be more losses. The next major support is near the $1,720 support level. Any more losses might send the price toward the $1,650 level in the near term.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n
Hourly RSI – <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n
Major Support Level \u2013 $1,780<\/p>\n
Major Resistance Level \u2013 $1,820<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. ETH could drop further toward the $1,720 support zone. Ethereum is gaining bearish momentum below the $1,850 and $1,840 resistance levels. The price is trading below $1,830 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could drop further if it stays below $1,850 in the coming days. Ethereum Price Extends Losses Ethereum\u2019s price failed to recover above the $1,850 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,820 level, similar to Bitcoin. The bears were able to push the price below the $1,800 level. A low is formed near $1,778 and the price is now consolidating losses. There was a recovery wave above the $1,795 level. The price is now trading near the 23.6% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low. Ether is now trading below $1,830 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,815 level or the trend line. It is close to the 50% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low. The next resistance is near $1,830 or the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The first key resistance is near the $1,835 level. The next key resistance is near the $1,850 level. A close above the $1,850 level could start a decent increase toward $1,880. Any more gains might send the price toward the $1,920 resistance, above which the price could rise toward the $2,000 zone. More Losses in ETH? If Ethereum fails to clear the $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level. The first major support is near the $1,750 zone. If the bulls fail to protect the $1,750 support, there could be more losses. The next major support is near the $1,720 support level. Any more losses might send the price toward the $1,650 level in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $1,780 Major Resistance Level \u2013 $1,820<\/p>\n","protected":false},"author":67,"featured_media":459301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,8686,78803],"class_list":["post-547601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets<\/title>\n<meta name=\"description\" content=\"Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. 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