The Ethereum price is dipping below $1,850 against the US Dollar. ETH/USD remains at risk of further downside below the $1,700 support zone.
Ethereum is the second most relevant cryptocurrency in the crypto world, behind Bitcoin. It is a crypto active that has other uses, beyond accumulating value over time.
Currently, thanks to Ethereum, thousands of projects of all kinds have emerged, such as Decentralized Finance or NFTs. This makes the native token of the Ethereum (ETH) network necessary to trade in all those projects that are coming to light. Meanwhile, the demand and price of ETH increase.
The Ethereum price is gaining bearish momentum below the $1,880 resistance against the US Dollar. It is now trading below $1,850, and the 55 simple moving average. There was a break above a key downtrend line, with resistance near $1,820 on the 4-hour chart, according to Coinbase. The pair could continue moving lower if it sustains below $1850 and $1880.
Ethereum Price Analysis
Last week, Ethereum began a fresh dip below $1,920 against the US Dollar. The ETH price moved into a bearish zone below the $1,880 level.
A low was formed near $1,737 before the price started a bullish correction. There was a move above the 23.6% Fibonacci retracement level of the move down, from the $2,020 high to the $1,737 low. Additionally, there was a break above a key downtrend line with resistance near $1,820 on the 4-hours chart.
It is now trading below $1,850 and the 55 simple moving average. On the upside, the price is now facing resistance near the $1,850 level.
The next major resistance is near the $1,880 level or the 50% Fibonacci retracement level of the move down, from the $2,020 high to the $1,737 low, above which it could rally towards the $2 resistance zone. 1,920. A clear move above the $1880 and $1920 resistance levels could require a further move to $2000. Further gains could even send the price toward the $2,120 or even the $2,200 resistance zone in the near term.
On the downside, initial support is near the $1,780 level. The next major support is now near the $1,740 level. A break below the $1740 support could take the price to $1700. If the bulls fail to protect the $1,700 support, the price could drop to $1,650.
Ethereum price is trading below $1,880 and the 55 simple moving average. Overall, Ether’s price could continue to fall if it sustains below $1,850 and $1,880.
Technical Indicators and Predictions
4-hour MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels: $1,740, followed by the $1,700 zone.
Key resistance levels $: $1,840 and $1,880.
According to CryptoPredictions, the ETH price for today (16.05.2023) is forecast to be in the price range of $1,554.539 – $2,286.087. The Ethereum price is forecast to end today at $1,828,870. Ethereum started in May 2023 at $1,885,392 and is expected to end the month at $1,488,748. During May, the expected maximum price of ETH is $2,115.261 and the minimum is $1,438.377.
By Audy Castaneda
