ETH/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Ethereum’s downtrend continues as it broke below the $1,770 support level, pushing the price below $1,740.
• The MACD confirms the downtrend, and unless Ethereum surpasses $1,760 or $1,770, the downward movement is expected to persist, potentially reaching the support at $1,700.
• A breakout above $1,770 could lead to resistance levels at $1,818 and $1,850. Investors may view these levels as opportunities to sell.

Ethereum broke below the $1,770 support level, extending the downtrend and pushing the price below $1,740. The presence of bearish candlestick patterns indicates strong selling pressure. The RSI is below 50, suggesting a selling bias.

The MACD confirms the ongoing downtrend. Unless Ethereum surpasses $1,760 or $1,770, the downward movement is likely to continue, potentially reaching the support at $1,700. Further support levels are at $1,647 and even lower around $1,600.

On the upside, a breakout above $1,770 could lead to resistance levels at $1,818 and $1,850. Investors may consider these levels as selling opportunities. Monitoring the $1,770 level is crucial, as a failure to break above it would indicate a continuation of the downtrend.

ETH/USD Price Chart – Source: Tradingview

ETH/USD – Trade Ideas

Entry Price – Buy Above 1730.0

Stop Loss – 1700.0

Take Profit – 1775.0

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$45/ -$30