Veteran Analyst Announced: ETH Will See These Levels Next Week!

Ethereum price made an intense effort to settle above the $1850 level and corrected its loss against the US dollar.

Veteran analyst Aayush Jindal announced: ETH will see these levels next week. The popular altcoin Ethereum struggled to settle above the $1,850 resistance and made up for its losses against the US dollar. According to veteran analyst Aayush Jindal, Ethereum should stay above the $1,700 level to avoid a strong bearish breakout. Ethereum is moving down against the US Dollar in the $1,850 resistance zone. The price is ladder to the $1,780 support and the 100 simple moving average (4 hours). There is an important bullish channel formed with support near $1,775 on the chart of the 4-hour ETH/USD (data stream over Kraken). The pair will drop substantially at the $ 1,775 level and then fall substantially if it does not stay above $ 1,700 in the near term.

"Ethereum Price Will Drop Drastically Unless It Remains Above The $1,700 Level"

Bitcoin and Ethereum recently recorded a new decline against the US dollar at $60k and $1,880 respectively. Ethereum continued to bid above $1,710 and the 100 simple moving average (4 hours). The last swing formed a very low $1,173 level before an upward move. Ethereum price saw above the $1,800 level. There was a break above the 50 percent Fib retracement level of its downward move. However, the price failed to break the $1,850 resistance zone. It appears that the price has yet to clear the 61.8 percent Fib retracement level from the $1,942 low to $1,713. Ethereum is currently losing value and is being traded for under $1,800.

Levels That ETH Will See Soon

There is a key rising channel formed with support near the $1,775 level on the 4-hour chart of ETH/USD. If there is a downside break below the channel support, there is a risk of decline towards the $1,710 support. The veteran analyst stated that if Ethereum price stays above the channel support or the $ 1,700 level, it could try a new increase. Besides, the initial resistance on the upside is near the $1820 level. Stating that if the ETH price breaks the $1,850 resistance, there may be a strong chance of a rise in the coming sessions, the analyst said the next key resistance is near the $1,920 and $1,950 levels.

Current Ethereum Price With Technical Indicators

4-hour MACD: The MACD for ETH/USD is now gaining momentum in the bearish zone. 4-hour RSI: The RSI for ETH/USD is currently just below the 50 level. Major Support Level: $1,710. Major Resistance Level: $1,850.   Source: Kriptokoin.com