Ethereum started a sharp decline after it failed to surpass the $1,850 resistance against the US Dollar. ETH price tested $1,660 and it is currently facing hurdles near $1,760.
- Ethereum started a strong downside correction from the $1,850 and $1,860 resistance levels.
- The price is now trading well below $1,800 and the 100 hourly simple moving average.
- There was a break below a major contracting triangle with support near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could recover, but it might face a strong resistance near $1,760 and $1,780.