Ethereum price started a downside correction below the $1,850 zone. ETH is now consolidating and might drop further below the $1,785 support zone.
- Ethereum started a fresh decline below the $1,850 and $1,820 levels.
- The price is trading below $1,800 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $1,830 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it breaks the $1,785 support level.
Ethereum Price Struggles To Clear Resistance
Ethereum price failed to clear the $1,880 resistance and started a downside correction, like Bitcoin. ETH declined below the $1,850 and $1,820 support levels.
There was a move below the 50% Fib retracement level of the upward move from the $1,734 swing low to the $1,872 high. The bears even pushed the price below the $1,800 level, but the price found support near the $1,785 support level.
Ethereum price is now…
