ETH\/USD<\/a> has been dropping with a bearish bias. The coin opens at $1771 and it is currently dropping below the $1750 level. However, Ethereum price did start a nasty decline and broke many supports near $1600. The price could correct higher, but it is likely to face sellers below the 9-day moving average.<\/p>\nWhat to Expect from Ethereum (ETH)<\/h4>\n
On the downside, there is a close below the $1600 level as the coin moves towards the 9-day and 21-day moving averages. As a matter of fact, dropping below the 9-day moving average could open the doors for more losses and the price may tumble below the $1550 level. More so, should it spike below the lower boundary of the channel, the critical support levels of $1500, $1400, and $1300 may be tested as the technical indicator RSI (14) moves below the 70-level.<\/p>\n
However, ETH\/USD could either recover above $1750 or extend its decline. On the upside, the next major resistance is near the $1800 level. Meanwhile, the price needs to climb above the $2100, $2200, and $2300 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.<\/p>\n
When compares with Bitcoin, the daily chart shows that Ethereum price is trading well within the channel. Meanwhile, as soon as the price goes above the moving averages, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 4200 SAT but if the price keeps rising; it could even break the 4400 SAT and above in future sessions.<\/p>\n