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 began a bearish correction and was trading below the $ 1,650 level.
- The price is now trading below $ 1,650 and the 100-hour simple moving average.
- There is a key bearish trend line forming with resistance near $ 1,660 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could continue to decline if there is a clear break below the $ 1,550 support.
The price of Ethereum extends the losses
Ethereum remained in a bearish zone below the $ 1,700 level. ETH has even stabilized below the $ 1,650 support zone to enter a short-term bearish zone.
There was a clear move below the $ 1,600 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 the high of $ 1,785. The price is now trading below $ 1,650 and the 100-hour simple moving average.
There is also a key bearish trend line forming with resistance near $ 1,660 on the ETH / USD hourly chart. Immediate upside resistance can be found near the $ 1,650 level and the 100-hour 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 at $ 1670. A clear move above the $ 1,670 level could even push the price towards $ 1,700. If the bulls stay in action, the price could rise towards the $ 1,750 or even $ 1,780 resistance zone.
The terrible drop if ETH reaches the next levels?
If Ethereum fails to break out of the overhead resistance at $ 1,670, it may continue to decline. Initial downside support can be found near the $ 1,570 area.
The next major support is near $ 1,550, below which there is a risk of a steep downside. If indicated, the Ether price could possibly drop towards the $ 1,520 support in the near term. This support is close to the 61.8% Fib retracement level of the key wave from the low of $ 1,355 to the high of $ 1,785. Any further losses could result in a test of the $ 1,450 level.
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