Ethereum broke below the 1820 support level and ETH is showing bearish signs for further decline towards 1700. The price of Ethereum failed to recover above 1850 and started a fresh decline and traded below the 1820 support area.
The decline accelerated below 1800 and tested the 1760 area. A low was formed near 1761 and the price is now consolidating losses. Ether is trading below 1800 and the 100 hourly simple moving average. There are also two bearish trend lines forming resistance near 1790 and 1820 with an immediate resistance near 1785 on the ETH hourly chart. It is close to the 23.6% Fib retracement level of the downward move from the 1873 swing high to 1761 low.
The first major resistance is near 1820 which is close to the 50% Fib retracement level of the down move from the 1873 swing high to 1761 low. A close above the 1820 resistance level will hold the price towards 1850.
If Ethereum fails to break the 1820 resistance, it will continue to fall. An initial support on the downside is near 1760. The next major support is near 1720. The main support is likely to be near 1700. If there is a close below the 1700 support, the price will accelerate lower towards the 1640 support area.