Ethereum extended its losses and tested the $1,550 area against the US Dollar. ETH could gain ground if there is a clear move above the $1,650 resistance.
- Ethereum started a downward correction and traded below the $1,650 level.
- The price is now trading below $1,650 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move lower if there is a clear break below the $1,550 support.
Ethereum Price Extends Losses
Ethereum remained in a low zone below the $1,700 level. ETH even settled below the $1,650 support zone to move into a short-term bearish zone.
There was a clear move below the $1600 support level. Finally, the price of Ether tested the $1,550 level. It held steady above the 50% Fib retracement level of the key wave from the swing low of $1,355 to high of $1,785. The price is now trading below $1,650 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. Immediate resistance on the upside can be found near the $1,650 level and the 100 hourly simple moving average.
Source : ETH-USD sur TradingView. A voir aussi : Bybit s'engage à planter 100 000 arbres fruitiers en Inde dans le cadre d'une initiative écologique.com
The first major resistance is seen near the trendline and $1670. A clear above the $1,670 level could even push the price towards $1,700. If the bulls stay in action, the price might rise towards the resistance zone of $1,750 or even $1,780.
The terrible drop if ETH reaches the next levels?
If Ethereum fails to break above the resistance at $1,670, it could continue to decline. An initial downside support can be found near the $1,570 area.
The next major support lies near $1,550, below there is a risk of a steep downside. If indicated, the price of Ether may have fallen towards the support of $1,520 in the short term. This support is near the 61.8% Fib retracement level of the key wave from the $1,355 low to $1,785 high. Any further losses could result in a test of the $1,450 level.
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