Tired of understanding nothing about the Ethereum market, here is what could justify its sharp drop! Must read





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.

💎 Open an account for free to Invest in crypto!

CoinHouse allows you to easily invest in crypto-assets. Creating an account is free and takes just a few simple steps.

📈 Trade cryptos online in just a few clicks!

BitPanda allows you to trade crypto easily online. Creating an account is fast, free and very simple.

Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

Thomas E.
The latest articles by Thomas E. (see everything)





Leave a Comment