Ethereum Drops 5% Below $1,800 Amid Bearish Market Trend

Generated by AI AgentCoin World
Monday, May 5, 2025 11:27 pm ET1min read
ETH
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Ethereum's price has recently experienced a downward correction, falling below the $1,850 mark. The cryptocurrency is currently consolidating and may continue to decline further below the $1,785 support level. This downward trend is part of a broader market correction, similar to the movements seen in Bitcoin.

Ethereum's price failed to surpass the $1,880 resistance level and has since declined below the $1,850 and $1,820 support levels. The price has moved below the 50% Fibonacci retracement level of the upward move from the $1,734 swing low to the $1,872 high. Although the price found support near the $1,785 level, the overall trend remains bearish.

Currently, Ethereum is trading below $1,800 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance at $1,830 on the hourly chart of ETH/USD. If the price breaks below the $1,785 support level, it could continue to move downwards. On the upside, the price faces hurdles near the $1,820 level, with the next key resistance at $1,830 and the trend line. The first major resistance is near the $1,880 level.

A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term. However, if Ethereum fails to clear the $1,830 resistance, it could start a fresh decline. Initial support on the downside is near the $1,785 level and the 61.8% Fib retracement level of the upward move from the $1,734 swing low to the $1,872 high. The first major support sits near the $1,750 zone.

A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,685 support level in the near term. The next key support sits at $1,640. Technical indicators such as the Hourly MACD and RSI for ETH/USD are also showing bearish momentum, with the MACD gaining momentum in the bearish zone and the RSI below the 50 zone. Major support and resistance levels are at $1,765 and $1,830, respectively.