Published on August 17, 2023 04:23 GMT+00:00edited on August 17, 2023 04:24 GMT+00:00

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.

• Ethereum is gaining bearish momentum below the $1,850 and $1,840 resistance levels.
• The price is trading below $1,830 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could drop further if it stays below $1,850 in the coming days.

Ethereum Price Extends Losses

Ethereum’s 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.

The bears were able to push the price below the $1,800 level. A low is formed …