Ethereum is gaining bearish momentum below $1,800 against the US Dollar. ETH price is likely to continue lower and it might even test the $1,500 level in the near term.
Ethereum started a fresh decline and it even traded below the $1,850 support zone. The price is still trading well below the $1,800 resistance and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue lower below the $1,720 and $1,650 support levels in the near term. Ethereum Price Accelerating Lower
Ethereum is clearly following a bearish path from well above $1,950, similar to bitcoin. ETH price broke the $1,900 support and it settled well below the 100 hourly simple moving average.
The price even declined below the $1,850 support and $1,800. A low is formed near $1,722 and the price is now