Ethereum Price Analysis – ETH Price Reaches Critical Support Level

The prominent crypto token Ether (ETH) is currently below the resistance level of $1,780 in terms of value against the United States Dollar. The well-known crypto coin could see a heavy decline if it witnesses a clear price movement below the support level of $1,720. This indicates that the crypto token needs to move above its present position.

Technical Analysis of ETH Price

At the moment, the price of Ethereum is endeavoring to rise beyond the resistance levels of $1,780 as well as $1,800. The token’s price is currently placed below the level of $1,800. In addition to this, the top cryptocurrency is also trading below its 100-hour simple moving average (SMA). Moreover, a chief bearish trend line is being established with a resistance level of approximately $1,760, as pointed out by the statistics related to the trading pair ETH/USD.

Source: TradingView

The respective trading pair could see a huge dip if the price slumps below the spot of $1,720. Recently, the popular crypto token’s value struggled to move upward and go beyond the resistance levels of up to $1,775 as well as $1,780. The ETH token remained unsuccessful in getting a bullish momentum to reach beyond the resistance level of nearly $1,780. The situation of Ethereum is analogous to Bitcoin.

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ETH Price Is Still at Risk

Formerly, the ETH value jumped above the 23.6 percent Fib retracement spot of the chief decline from the swing high of up to $1,854 to the low of almost $1,718. The value of the token is now again below the $1,750 spot. Along with this, the ETH token is displaying several signs that point toward its bearish momentum. Furthermore, a chief bearish trend is established with a resistance level of up to $1,760, as mentioned in the statistics dealing with the ETH/USD trading pair.

As shown by the data, the ETH token is presently making endeavors to move above the $1,800 spot as well as its 100-hour simple moving average. The instant resistance level of ETH is placed at nearly $1,780. The respective level is close to the fifty percent Fib retracement spot of the chief dip from the swing high of approximately $1,854 to the low of nearly $1,718.

An adequate move to move above the resistance spots of $1,775, as well as $1,780, might help take the ETH price near the $1,850 spot. The upcoming resistance level is expected to be near $1,920. Any further profits above the resistance zone of up to $1,920 might bring the ETH price near the resistance level of almost $2,000.

Conclusion

If ETH remains ineffective to clear the resistance level of $1,720, it could keep on declining. The earliest support in this respect is close to the $1,710 level. The coming major support is close to the level of $1,700. On slumping below the support level of $1,700, the token’s price could dip to the support level of almost $1,640. Any additional losses may attempt to push the price to $1,600 in the coming time.