{"id":180180,"date":"2023-08-17T05:39:21","date_gmt":"2023-08-17T05:39:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180180"},"modified":"2023-08-17T05:39:21","modified_gmt":"2023-08-17T05:39:21","slug":"ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/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":"<p><em>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<ul>\n<li>Ethereum is gaining bearish momentum below the $1,850 and $1,840 resistance levels.<\/li>\n<li>The price is trading below $1,830 and the 100-hourly Simple Moving Average.<\/li>\n<li>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<li>The pair could drop further if it stays below $1,850 in the coming days.<\/li>\n<\/ul>\n<h2>Ethereum Price Extends Losses<\/h2>\n<p>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.<\/p>\n<p>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<p>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.<\/p>\n<p>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<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-5.png?resize=1024%2C468\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>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<h2>More Losses in ETH?<\/h2>\n<p>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<p>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<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,780<\/p>\n<p>Major Resistance Level \u2013 $1,820<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price is showing bearish signs below<\/p>\n","protected":false},"author":3,"featured_media":180179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets - 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