TA: Ethereum Corrects Sharply, Why ETH Could Struggle To Reclaim $1,800

Ethereum started a sharp decline after it failed to surpass the $1,850 resistance against the US Dollar. ETH price tested $1,660 and it is currently facing hurdles near $1,760.

• Ethereum started a strong downside correction from the $1,850 and $1,860 resistance levels.
• The price is now trading well below $1,800 and the 100 hourly simple moving average.
• There was a break below a major contracting triangle with support near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could recover, but it might face a strong resistance near $1,760 and $1,780.

Ethereum Price Dips 8%

Ethereum failed to extend gains above the $1,850 and $1,860 resistance levels. ETH started a fresh decline (similar to bitcoin) from the $1,834 swing high and it declined more than $150.

There was a break below the $1,800 support level and the 100 hourly simple moving average. There was also a break below a major contracting triangle with support near $1,790 on the hourly chart of ETH/USD.

Ether price tumbled below the $1,750 support and it even spiked below the $1,700 level. The bulls appeared near the $1,650 and $1,660 levels and protected more downsides. A low is formed near $1,664 and the price is currently recovering.

Read the full article at newsbtc.com