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Ethereum Price Plunge To $1,800 On The Horizon

Ethereum price is struggling to rise above the $1,850 zone against the US Dollar. ETH could drop toward the $1,800 support in the near term. Ethereum is trading in a range below the $1,850 and $1,860 resistance levels. The price is trading below $1,850 and the 100-hourly Simple Moving Average. There is a key contracting triangle forming with support near $1,840 on the hourly chart of ETH/USD. ETH topped near $1,853 and declined below the $1,840 level, similar to Bitcoin. A low has formed near $1,837 and the pair is now consolidating losses. It climbed above the 23.6% Fib retracement level of the recent decline from the $1,853 swing high to the $1,837 low.

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