Ethereum prolonged losses and examined the $1,550 zone in opposition to the US Dollar. ETH may acquire tempo if there’s a clear transfer above the $1,650 resistance.
- Ethereum began a draw back correction and traded beneath the $1,650 degree.
- The worth is now buying and selling beneath $1,650 and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $1,660 on the hourly chart of ETH/USD (knowledge feed through Kraken).
- The pair may proceed to maneuver down if there’s a clear break beneath the $1,550 assist.
Ethereum Price Extends Losses
Ethereum remained in a bearish zone beneath the $1,700 degree. ETH even settled beneath the $1,650 assist zone to maneuver right into a short-term bearish zone.
There was a transparent transfer beneath the $1,600 assist degree. Finally, ether worth examined the $1,550 degree. It remained steady above the 50% Fib retracement degree of the important thing wave from the $1,355 swing low to $1,785 excessive. The worth is now buying and selling beneath $1,650 and the 100 hourly easy shifting common.
There can be a key bearish development line forming with resistance close to $1,660 on the hourly chart of ETH/USD. An instant resistance on the upside is close to the $1,650 degree and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The first main resistance is close to the development line and $1,670. A clear transfer above the $1,670 degree may even pump the worth to $1,700. If the bulls stay in motion, the worth might maybe rise in direction of the $1,750 resistance zone and even $1,780.
More Losses in ETH?
If ethereum fails to rise above the $1,670 resistance, it may proceed to maneuver down. An preliminary assist on the draw back is close to the $1,570 zone.
The subsequent main assist is close to $1,550, beneath which there’s a threat of a pointy decline. In the said case, ether worth might maybe decline in direction of the $1,520 assist within the close to time period. It is close to the 61.8% Fib retracement degree of the important thing wave from the $1,355 swing low to $1,785 excessive. Any extra losses would possibly name for a check of the $1,450 degree.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now shedding momentum within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now close to the 50 degree.
Major Support Level – $1,570
Major Resistance Level – $1,670
