.These Levels Will Be Watched Today For Ethereum – Ethereum broke the top $ 1,750 and $ 1,710 support levels against the US Dollar. ETH price is likely to continue below the $ 1,660 and $ 1,650 support levels.
Ethereum failed to stay above the $ 1,750 and $ 1,710 support levels.
The price is currently trading well below $ 1,710 and the 100 hourly simple moving average.
There is a major bearish trend line with resistance around $ 1,765 on the hourly chart of ETH / USD.
The pair could correct higher levels. However, previous support near $ 1,750 could have prevented gains.
Ethereum Price Turns Red
Ethereum was unable to clear the $ 1,850 resistance zone and started a new decline similar to Bitcoin. ETH broke through the $ 1,750 support zone to move into the bearish zone.
The price even cleared the $ 1,710 support level and fell below the 100 hourly simple moving average. It even broke the $ 1,680 level and traded as low as $ 1,657. It is currently retracing the high and trading above the $ 1,680 level.
Ethereum was lowered from $ 1,808 to $ 1,657 above the 23.6% Fib retracement level of the recent decline. On the upside, the first major resistance is near the $ 1,710 level. The next key resistance is near the $ 1,730 level.
The 50% Fib retracement level of the last decline from the $ 1,808 low to $ 1,657 low. The main resistance is currently forming near the $ 1,750 zone (the last breakout zone). If the price breaks the $ 1,730 and $ 1,750 resistance levels, it could initiate a decent increase towards $ 1,800 and even $ 1,850. A medium resistance could be near the $ 1,780 level or the 100 hourly simple moving average.
More Loss on ETH?
If Ethereum cannot move above the $ 1,730 and $ 1,750 resistance levels, it could continue to move down. Initial support on the downside is near the $ 1,665 level.
The next major support is near the $ 1,650 level. A clear downside break below the $ 1,650 support could possibly open the doors for a drop towards the $ 1,600 level. Further losses will likely push the price towards the $ 1,550 support in the coming days.
Technical indicators
Hourly MACD – The MACD for ETH / USD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently well below the 50 level.
Major Support Level – $ 1,650
Major Resistance Level: $ 1,750
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