Ethereum worth corrected decrease from the $1,670 resistance towards the US Dollar. ETH may take a serious hit if it breaks the $1,600 assist.
- Ethereum began a bearish wave from the $1,660 resistance.
- The worth is buying and selling under $1,640 and the 100-hourly Simple Moving Average.
- There is a key bearish pattern line forming with resistance close to $1,640 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair should keep above the $1,600 assist zone to start out one other improve within the brief time period.
Ethereum Price Slides Further
Ethereum’s worth didn’t clear the $1,660 and $1,670 resistance ranges. As a end result, ETH began one other decline and traded under the $1,630 assist, like Bitcoin.
The worth moved under the $1,620 assist as nicely. However, the bulls are energetic close to the $1,600 degree. A low is fashioned close to $1,606 and the worth is now consolidating losses. It is buying and selling close to the 23.6% Fib retracement degree of the downward transfer from the $1,659 swing excessive to the $1,606 low.
Ether is now buying and selling under $1,640 and the 100-hourly Simple Moving Average. There can also be a key bearish pattern line forming with resistance close to $1,640 on the hourly chart of ETH/USD.
On the upside, the worth may face resistance close to the $1,630 degree and the 100-hourly Simple Moving Average. The subsequent resistance is close to the $1,640 degree and the pattern line. The pattern line can also be close to the 61.8% Fib retracement degree of the downward transfer from the $1,659 swing excessive to the $1,606 low.
Source: ETHUSD on TradingView.com
The principal resistance is now forming close to $1,660. A detailed above the $1,660 resistance may ship the worth towards the $1,720 resistance. The subsequent main barrier is close to the $1,750 degree. A detailed above the $1,750 degree may ship Ethereum additional greater towards $1,820.
More Losses in ETH?
If Ethereum fails to clear the $1,640 resistance, it may begin one other decline. Initial assist on the draw back is close to the $1,600 degree.
A draw back break under $1,600 may speed up losses. The subsequent key assist is near $1,540, under which the worth may even check the $1,500 degree. The subsequent key assist is $1,440.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is shedding momentum within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now under the 50 degree.
Major Support Level – $1,600
Major Resistance Level – $1,640
