Ethereum dropped below the $1750 support level against the US Dollar. ETH has been showing bearish indicators and could lose more than $1,550.
- Ethereum experienced a sharp decline in trading and fell below the $1,600 mark.
- Now, the price trades below $1650.
- The hourly chart for ETH/USD showed a break above the connecting bearish trendline with resistance at $1,580 (data feed via Kraken).
- If the resistance level of $1,700 is not reached, then it could move lower.
Ethereum price turns bearish
Ethereum experienced a sharp decline below the $1700 mark. ETH moved further into a bearish area when it traded below the $1650 support level.
This opened up the possibility of a decline below $1,600. The price fell to $1,524 just before the bulls arrived. The price traded higher than the $1,580 mark and started an upward correction. The hourly chart for ETH/USD showed a breakout above the connecting bearish trendline with resistance at $1,580.
The 23.6% Fib Retracement level for the main decline of $1,878 from its high to low was reached by Ether. It rose above $1,524’s lowest. But, bears were very active around the $1650 zone.
The 100-hourly simple moving average and $1,650 are the current levels of price. Near the $1,625 area is an immediate resistance to the upside. At the $1650 level, there is a first strong resistance. Near the $1,700 and 100-hourly simple moving average levels is the next major resistance.
Source: TradingView.com, ETHUSD
Also, the Fib retracement of the main decline from $1.878 swing high and $1.524 low at 50% is close to the $1.700 level. An obvious move higher than the $1700 resistance may push the price over the $1750 barrier.
What Are the Losses of ETH More?
It could fall further if it fails to climb above $1,700. Initial support is located near $1,550.
Near $1,525, the next significant support. Below which price may accelerate lower. The price could fall towards $1,465 in the above scenario. A move to the $1,420 mark could be possible if there are more losses.
Technical Indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI is currently below the 50 level for Ethereum/USD.
Major Support Level – $1,525
Major Resistance Level – $1,650
