Ethereum: To avoid a sharp bearish reversal, ETH must stay above $1,550.
Ethereum corrected lower below $1,650 against the US Dollar. To avoid a sharp bearish reversal, ETH must stay above the $1,550 support zone.
Ethereum has corrected lower below $1,650 against the US Dollar, but it must stay above the $1,550 support zone to avoid a sharp bearish reversal. The cryptocurrency is currently trading near a key support level, and a break below this level could trigger a sharp sell-off.
- Ethereum started a key downside correction and traded below the $1,650 level. However, the bulls were able to defend the $1,620 support and the price started recovering.
- The price of gold has dropped below $1,650 and the 100 hourly simple moving average. This could indicate a further decline in the price of gold in the short-term.
- It seems that ETH may be headed for a fall, with a bearish trend line forming on the hourly chart. Resistance is currently near $1,700, so if this level is breached, ETH could see a significant sell-off.
- The pair must stay above the $1,550 support to trigger a fresh increase in the near term. A break below this level could see the pair retrace some of its recent gains.
Ethereum Price Dips Over 6%
Ethereum prices have fallen below the $1,700 level and the 100 hourly simple moving average, indicating that the digital currency may be in for more downside in the near-term.
The price of ether declined sharply today, falling below the $1,600 level and even testing the $1,550 support. The digital currency is now trading below $1,650 and the 100 hourly simple moving average. This sell-off comes as bitcoin also fell sharply, testing the $3,500 support level.
The bulls are currently pushing the price above the 23.6% Fib retracement level of the downward move from the $1,789 swing high to the $1,552 low. On the upside, the price is facing resistance near the $1,620 level. However, if the bulls can overcome this resistance, the price could continue moving higher towards the next major resistance levels at $1,650 and $1,700.
The next major resistance for Bitcoin is near the $1,660 and $1,670 levels. This is based on the 50% Fibonacci retracement level from the recent high of $1,789 to the low of $1,552. A clear break and close above $1,670 could send the price towards the $1,700 level.
It seems that the Ethereum bulls are struggling to push the price above the $1,700 resistance area. If they are successful, there is a chance that the price could move towards the $1,780 resistance in the near term. However, if they fail to do so, the price could start a new bearish trend.
More Losses in ETH?
If ethereum fails to rise above the $1,660 resistance, it could continue to move down. An initial support on the downside is near the $1,580 zone. However, if the digital currency does move down, it is likely to find support at the $1,560 level.
It is clear that the market is still in a bearish phase and that any support levels are likely to be broken. The next major support level is near $1,550, and a break below this level could trigger further losses. In this case, ether price could decline towards the $1,500 level. Any further losses could push the price down to $1,440.
Technical indicators are important tools that can be used to analyze financial markets and make informed investment decisions.
The MACD for ETH/USD is now losing momentum in the bearish zone. This could indicate that the bears are losing steam and that a reversal may be imminent. Stay tuned for updates!
The RSI for ETH/USD is now rising towards the 50 level, indicating that the hourly price trend is bullish. This bodes well for Ethereum investors, as the digital currency is likely to continue to rise in value in the near-term.
The major support level for Bitcoin is currently $1,500. This is a key level to watch, as a break below it could signal further downside.
We expect the major resistance level at $1,660 to hold, and for the market to continue to trend downwards.
