What Could Trigger A Sharp Decline?

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.

Ethereum Price

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 MACDMACD for USD/ETH is losing momentum now in the bearish area.

Hourly RSIThe current RSI of ETH/USD hovers around the 50 mark.

Major Support Level – $1,570

Major Resistance Level – $1,670

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