ETH risks drop to $1,800 on break of daily ascending channel support

Ethereum (ETH) could see its decline extend to $1,800 if it breaks below the lower support line of an ascending channel it has held on the daily chart since February, according to an analysis by CryptoPotato. The outlet noted that ETH has been bearish since hitting resistance near $2,400 in mid-May. Currently, the 100-day moving average is serving as the primary resistance level around $2,200, while the price is barely holding onto the channel's support. Should this support level fail, the next major support would be the key demand zone at $1,800. Conversely, to end the decline and begin a rebound, ETH would first need to reclaim the 100-day moving average.