.Although Ethereum Is In A Decline, The Expectation Is On The Upward Side – Ethereum dropped over 5% and broke the $ 1,600 support zone against the US Dollar. ETH price should stay above $ 1,550 to avoid further damage in the upcoming sessions.
Ethereum extended its decline as it failed to break above the $ 1,750 resistance level.
The price is currently trading well below $ 1,600 and the 100 hourly simple moving average.
There is a major bearish trend line showing resistance near $ 1,700 on the hourly chart of ETH / USD.
The pair can correct at a higher level. However, it is likely to face a strong selling interest around $ 1,650 and $ 1,660.
Ethereum Lowers Its Price
Ethereum tried to gain strength above $ 1,740 and $ 1,750, but failed. Similar to Bitcoin, it formed a high of around $ 1,737 before the price started a new drop.
It broke the $ 1,650 support level to move into the bearish zone. The bears even gained strength for a push below the $ 1,600 support level. A low was formed around $ 1,545 and the price is currently trading well below the 100 hourly simple moving average.
On the upside, initial resistance is near the $ 1,590 and $ 1,600 levels. The 23.6% Fib retracement level of the last drop from $ 1,737 to $ 1,545 is also near $ 1,590 to act as a hurdle.
The main resistance is formed near the $ 1,640 and $ 1,650 levels (recent breakout zone). The 50% Fib retracement level of the last drop from the $ 1,737 low to $ 1,545 low is also near the $ 1,640 level. If there is an upside break above $ 1,650, the price could visit the $ 1,700 or 100 hourly simple moving average. There is a major bearish trend line showing resistance near $ 1,700 on the hourly chart of ETH / USD.
More Loss on ETH?
If Ethereum cannot move above the $ 1,640 and $ 1,650 resistance levels, it could continue to move down. The first downside support is near the $ 1,560 level.
The main support is near the $ 1,550 level. A clear downside break below the $ 1,550 support could accelerate losses. The next major support below 1,550 could possibly be near the $ 1,500 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH / USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently well below the 40 level.
Major Support Level: $ 1,550.
Major Resistance Level – $ 1,640.
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