Ethereum goes on another decline from the $1850 level against the US dollar with the price trading near a key $1700 support below which it could decline heavily again so let’s read more in our latest Ethereum news today.
ETH dropped further below the $1800 support levels with the price trading well below the $1800 and the 100 hourly simple moving average with the major bearish trend line forming with the resistance near the $1820 on the hourly chart of the pair that will decline heavily if it fails to stay above the $1710 level. Ethereum failed to move back in the $1850 level and extend its decline just like BTC did. ETH broke the $1800 support zone to move into a new bearish zone and the price even broke the $1750 support while settling well below the 100 hourly simple moving average. However, the bulls are not protecting the main support zone at $1700 with a new low forming near $1712 and ETH is now consolidating the losses.
The initial resistance on the upside is close to the $1765 level nearing the 23.6% fib retracement level from the downward move of $1944 high to $1712 low. The initial resistance on the upside is close to the $1765 level and it is near to the 23.6% fib retracement level from the downwards move at $1944 high to $1712 low. To move into a positive zone, the price has to clear the trend line resistance of $1800 and close above it to start a new increase.
If ETH fails to correct higher in the $1765 and the $1800 resistance levels, it will correct lower with the first key support nearing the $1710 level. The main support is now forming closer to the $1700 level and if there’s a downside break below the $1700 support there will be a risk of another decline. In this case, the price will drop to $1600 or lower. Ethereum goes on another decline with the MACD for the pair losing pace in the bearish zone. The RSI for the pair is well below the 50 levels.
As recently reported, Rollups could help Ethereum’s scalability issue before the 2.0 upgrade arrives. Experts believe that these are the tool that is highly effective but requires reliance on others to make it work. The Ethereum blockchain had a scalability issue for years and it crushed under the weight of the success with the network now settling at about 15 transactions per second while a single transaction can cost more than $20.
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