Ethereum's Failed Attempt to Reach $1,700
Ethereum's unsuccessful attempt to reach $1,700 resulted in a significant drop against the US Dollar. ETH fell by more than 7% and broke below the $1,540 support level.
Ethereum's recent decline has been a major blow to the cryptocurrency, as it has fallen below the $1,540 support. This 7% decline has caused many to question the future of the currency, as it seems to be losing momentum.
- Ethereum's recent decline has been worrying for investors, as the cryptocurrency has fallen below key support levels at $1,600 and $1,540.
- The price of Bitcoin has fallen below $1,600 and the 100 hourly simple moving average, indicating that the market may be heading for a further decline.
- There was a sharp break below a major bullish trend line with support near $1,570 on the ETH/USD chart, signaling a possible bearish reversal in the near-term. If the bears can sustain the downside momentum, the ETH price could retest the $1,500 support level.
- The pair must stay above the $1,500 support to avoid more losses in the near term. However, if the price falls below this level, it could open the door for further losses.
Ethereum prices trim gains, but hold above $1,000
Ethereum prices have been on the rise in recent days, climbing above the $1,620 and $1,650 resistance levels. However, ETH failed to test the $1,700 resistance zone, forming a high near the $1,686 level before a sharp bearish wave sent prices lower.
Ethereum price is currently under bearish pressure as it has declined below key support levels. The break below the $1,570 support level is a bearish development and could result in further losses in the ETH/USD pair.
It is evident from the paragraph that the price of ether is currently going through a tough time and is consolidating losses above the $1,500 level. However, there is still a chance for the price to rebound as there is an immediate resistance on the upside near the $1,520 level.
The next major resistance level for gold is now forming near the $1,540 level. This level is near the 23.6% Fibonacci retracement level of the recent decline from the $1,686 swing high to the $1,490 low. A clear move above the $1,540 level could push the price of gold towards the $1,565 level.
The next major resistance for gold prices is near the $1,585 level. This is near the 50% Fibonacci retracement level of the recent decline from the $1,686 swing high to the $1,490 low. If prices can move higher from here, there is potential for a move towards the $1,620 resistance in the near term.
More Losses in ETH? Prices Continue to Fall as Market Remains Volatile
If ethereum fails to rise above the $1,540 resistance, it could continue to move down. An initial support on the downside is near the $1,500 zone. However, if the $1,500 support level holds, ethereum could rebound and move back up towards the $1,540 resistance.
The next major support level for ether is near $1,480. A close below this level could send the price towards $1,420. Any further losses may push the price towards the $1,350 zone.
Technical indicators are a valuable tool for traders and investors, providing insights into market direction and potential entry and exit points.
The MACD for ETH/USD is now gaining momentum in the bearish zone. This could mean that ETH prices could continue to fall in the near-term.
The RSI for ETH/USD is now below the 40 level, indicating that the market is bearish.
The major support level for the markets is currently $1,500.
The major resistance level for $1,540 is a key level to watch in the market. If this level is broken, it could signal a major shift in the market.
