Ethereum fell below $1,650 and suffered further losses against the US Dollar. ETH may continue to fall towards the $1500 support zone.
- Ethereum underwent a downtrend after falling below $1,700.
- The 100 hourly moving average and price are now below $1650.
- A break was seen below a channel that is in decline, with support close to $1610 on an hourly chart of USD/ETH (data feed via Kraken).
- This could lead to the pair moving down towards the $1550 support level or even $1500.
Ethereum’s Price Continues to Decline
Ethereum was unable to hold above $1,700 and it began a downtrend. ETH dropped below the $1660 and $1650 support levels, triggering a short-term bearish zone.
The clear movement was below the 23.6% Fib level of the upward trend from the $1.356 swing low down to the $1.785 high. On the hourly chart of USD/ETH, it was clear that there was a move below a channel in decline with support at $1,610.
Now, Ether is trading at $1650. This price also includes the simple moving average of 100 hours. There is support at $1570, which seems to indicate that the price may continue falling.
Near the $1,600 support level and broken channel support zone is immediate resistance to the upside. It is located near the $1665 area and the 100 hourly simple movement average. Now, the main resistance lies near $1,680.
Source: TradingView.com ETHUSD
The price could rise to $1720 if it moves above $1,680. The price could rise to the $1750 resistance level or even $1780 in the above scenario.
Are There More Losses in Ethereum?
The $1,680 resistance could be broken and ethereum may continue falling. Initial support is located near $1,570.
Near the $1570 level is the 50% Fib level. This level represents the 50% Fib level of the upward movement from $1,356 swing high to $1,785 low. Near $1,520 is the next support level, and below that there could be a steep decline. The above scenario may lead to a decline in ether’s price towards $1,400.
Technical indicators
Minutely MACD – In the bearish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has moved into the oversold area.
Major Support Level – $1,570
Major Resistance Level – $1,680
