Ethereum Key Indicators Suggest A Strengthening Case For More Losses

Ethereum dropped sharply below the $1,655 resistance area against the US Dollar. ETH continues to struggle and is at risk of further losses below $1,450.

  • Ethereum experienced a new downturn after failing to surpass the $1650 resistance zone.
  • The current price trades below $1,550.
  • On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $1610 (data feed via Kraken).
  • It is possible that the pair will accelerate lower than the $1,450 support area in the immediate future.

New Decline in Ethereum’s Price

Ethereum did not gain enough strength to move beyond the $1650 or $1660 resistance levels. ETH hit a peak near the $1653 level, and then began a decline.

A steady fall below the $1600 level, and the 100 hourly simple movement average was observed. It even fell below the $1550 and $1520 support levels. The price dropped by around 10%, and traded as low at $1,453.

The Ether price has been consolidating its losses at the $1,450 and 100 hourly simple moving mean levels. Surprisingly, resistance is near the $1500 level. It’s near 23.6% Fib level of recent decline from $1.653 swing high and $1.453 low.

It is located near $1,550 or $1,560 as the next major resistance. This is close to the 50% Fib Retracement level for the decline from $1,653 high to $1,453 low.

Ethereum Price

Source: ETHUSD

The price could reach $1,600 if it breaks above $1,560. The hourly chart of Ethereum/USD shows a bearish trendline with resistance close to $1,610. If there are more gains, it may open up to a possible move toward the $1,650 resistance.

Are There More Losses in Ethereum?

The $1,500 resistance could be broken and ethereum may continue its downward slide. Initial support is located near $1,450.

Close to $1,420 will be the next significant support. The downside breakout below the $1420 level could lead to a sharp fall. The above scenario could lead to a decline in ether prices towards $1,350.

Technical indicators

Hourly MACDIn the bearish zone, momentum is being gained by MACD for USD/ETH.

Hourly RSIThe current RSI level for USD/ETH is below 50.

Major Support Level – $1,450

Major Resistance Level – $1,550

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