Ethereum has extended its losses and tested $1,550 against the US dollar. If there’s a clear move higher than the $1650 resistance, ETH may gain momentum.
- Ethereum experienced a downward correction, and trading below $1650.
- The current price trades below $1,650 as well as the simple 100-hour moving average.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $1,660 (data feed via Kraken).
- A clear break below $1,550 could cause the pair to continue its downward movement.
Ethereum Prices Continue to Losses
Ethereum was still in bearish territory below $1,700. ETH fell below $1,650 to enter a bearish zone.
Clear movement below $1,600 was evident. The $1,550 support level was finally reached by ether. The price remained above 50% Fib Retracement of the key wave that ran from $1,355 low to $1,785 high. Now, the price trades below $1650 and below the 100-hourly simple moving average.
On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $1,660. The immediate resistance to the upside lies near $1,650 and the 100-hourly simple moving average.
Source: TradingView.com, ETHUSD
It is located near $1,670 and the trendline. This will be the first major resistance. If the price moves clear above the $1670 mark, it could push the price up to $1700. If bulls are still active, prices could climb towards the $1750 resistance level or even $1780.
Are There More Losses in Ethereum?
The $1,670 resistance could be broken and ethereum may continue its downward slide. The $1,570 area is the initial support for the downside.
Near $1,550 is the next support, and below that there’s a chance of a steep decline. If the above is true, the ether price could decline towards $1,520 in the immediate future. It’s close to the 61.8% Fib Retracement level for the key wave that ran from the $1.355 swing low down to the $1.785 high. It might be necessary to test the $1,450 threshold if there are any more losses.
Technical Indicators
Hourly MACD – MACD for USD/ETH is losing momentum now in the bearish area.
Hourly RSI – The current RSI of ETH/USD hovers around the 50 mark.
Major Support Level – $1,570
Major Resistance Level – $1,670
