BTC / USD
25,750.45
4.09%
(-1097.55)
ETH / USD
1,812.74
3.11%
(-58.12)
XRP / USD
0.50
5.81%
(-0.03)
LTC / USD
87.50
5.96%
(-5.55)
EOS / USD
0.85
6.68%
(-0.06)
BCH / USD
109.58
4.02%
(-4.59)
ADA / USD
0.35
6.61%
(-0.02)
XLM / USD
0.09
3.63%
(-0)
NEO / USD
9.21
9.52%
(-0.97)
XEM / USD
0.03
6.49%
(-0)
DASH / USD
39.24
6.68%
(-2.81)
USDT / USD
1.00
0%
(0)
BNB / USD
276.10
8.18%
(-24.6)
QTUM / USD
2.44
7.55%
(-0.2)
XVG / USD
0.00
6.75%
(-0)
ONT / USD
0.20
8.07%
(-0.02)
ZEC / USD
29.28
7.4%
(-2.34)
STEEM / USD
0.17
6.9%
(-0.01)

What Could Trigger A Sharp Decline?

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Ethereum extended losses and tested the $1,550 zone against the US Dollar. ETH could gain pace if there is a clear move above the $1,650 resistance.

  • Ethereum started a downside 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 down if there is a clear break below the $1,550 support.

Ethereum Price Extends Losses

Ethereum remained in a bearish 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 $1,600 support level. Finally, ether price tested the $1,550 level. It remained stable above the 50% Fib retracement level of the key wave from the $1,355 swing low to $1,785 high. 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. An immediate resistance on the upside is near the $1,650 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The first major resistance is near the trend line and $1,670. A clear move above the $1,670 level could even pump the price to $1,700. If the bulls remain in action, the price may perhaps rise towards the $1,750 resistance zone or even $1,780.

More Losses in ETH?

If ethereum fails to rise above the $1,670 resistance, it could continue to move down. An initial support on the downside is near the $1,570 zone.

The next major support is near $1,550, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,520 support in the near term. It is near the 61.8% Fib retracement level of the key wave from the $1,355 swing low to $1,785 high. Any more losses might call for a test of the $1,450 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,570

Major Resistance Level – $1,670

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