NewsBTC16 minutes ago

Published on August 18, 2023 04:04 GMT+00:00edited on August 18, 2023 04:09 GMT+00:00

Ethereum price declined heavily below $1,800 and $1,700 against the US Dollar. ETH could resume its decline and test the $1,500 support zone.

• Ethereum is gaining bearish momentum below the $1,750 and $1,800 resistance levels.
• The price is trading below $1,750 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could resume its decline and visit the $1,500 support in the near term.

Ethereum Price Nosedives

Ethereum’s price started a major decline after it broke the $1,800 support zone. ETH gained bearish momentum after it traded below the $1,720 support, similar to Bitcoin.

The bears even pushed the price below the $1,600 level. Finally, it tested the …