Ethereum fell 2% to $1,847 on August 3, 2026. Key support at $1,800–$1,850 is under pressure. Analysts warn a break could send ETH toward $1,700. Full technical and macro analysis.
Ethereum (ETH) is under renewed selling pressure after failing once again to reclaim key resistance levels. On August 3, the second-largest cryptocurrency by market capitalization fell about 2% and traded near $1,847, briefly touching an intraday low of $1,828–$1,829.
The latest decline extends ETH’s pullback from its July 27 high near $1,975. Buyers have repeatedly failed to sustain moves above the $1,950–$1,975 resistance zone, leaving the token vulnerable inside the critical $1,800–$1,850 support area.
Technical Picture Turns Cautious
Ethereum currently trades below its major daily moving averages:
- 50-day SMA: $1,889
- 100-day SMA: $1,927
- 200-day SMA: $2,089
The 4-hour chart shows a broad curved top forming below $1,975, with a series of lower highs since late July. Momentum indicators reinforce the cautious outlook. The 4-hour MACD remains below the zero line (MACD near –10.46, signal line near –9.92), while Chaikin Money Flow sits at –0.14, indicating that selling volume continues to outweigh buying volume.
Daily Relative Strength Index (RSI) stands at 48.81, below its signal average of 56.44. This reading signals weakening momentum but is still well above oversold territory, leaving room for further downside if support fails.
Critical Support Levels to Watch
The immediate support zone sits between $1,828 and $1,800. ETH has attracted some buyers near the upper end of this range, but repeated tests risk weakening demand.
- A daily close below $1,800 would strengthen the bearish case.
- The next technical level lies near the lower daily moving-average ribbon around $1,785.
- A confirmed break below that area would open the door to $1,700, followed by the June accumulation zone near $1,550–$1,600.
CoinGlass liquidation data shows clusters of leveraged long positions around $1,840, $1,820 and $1,810. A move through these levels could trigger forced liquidations and accelerate short-term volatility. Overhead liquidity exists near $1,860–$1,875; a rebound above that zone could fuel short covering toward $1,890 and $1,920.
Analyst View: $1,800–$1,850 Is Decisive
Crypto analyst Ted Pillows highlighted the importance of the current support range:
“ETH is currently in the $1,800–$1,850 support level. This is very crucial for Ethereum to hold, or else it could drop towards $1,700.”
His chart outlines two clear scenarios:
- Holding the zone could allow a recovery toward $1,950 and potentially $2,050.
- A confirmed breakdown risks a move toward $1,700.
Broader Market and Macro Headwinds
Beyond pure technicals, Ethereum faces additional pressure. Weekly data shows a sharp decline in Binance stablecoin netflows, pointing to reduced buy-side liquidity. Longer-term concerns include relatively weaker institutional demand for Ethereum products compared with Bitcoin and lower mainnet fee revenue as activity continues migrating to Layer-2 networks.
Macro factors also weigh on risk assets. Higher Treasury yields and a stronger U.S. dollar reduce the relative attractiveness of crypto. Any delay in Federal Reserve rate cuts could keep financial conditions tighter and limit institutional risk appetite.
Upside Requirements
For the technical outlook to improve, Ethereum must first reclaim the 50-day SMA at $1,889. A daily close above the 100-day SMA at $1,927 would strengthen the case for a recovery, while a breakout above $1,975 would invalidate the current sequence of lower highs and put $2,000 back in play.
Bottom Line
Ethereum is trading at a critical juncture. The $1,800–$1,850 zone is the line in the sand for bulls. A successful defense could set the stage for a rebound, but a decisive break lower risks opening a path toward $1,700 and potentially deeper levels. Traders and investors should watch volume, moving-average reclaims, and upcoming U.S. macro data closely in the days ahead.
