More

    Why Ethereum Below $1,650 Could Accelerate Decline To $1,500

    Ethereum started a sharp decline below $1,850 against the US Dollar. ETH price spiked towards $1,500 and it is currently struggling to stay above $1,650.
    Ethereum declined heavily after it broke the $1,850 and $1,750 support levels.
    The price is now trading well below $1,800 and the 100 hourly simple moving average.
    There was a break below a crucial bullish trend line with support near $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could continue to move down if it fails to stay above the $1,650 support.
    Ethereum Price is Showing Bearish Signs
    Ethereum started a strong decline after it failed to stay above $2,000. ETH broke many important supports near $1,850 and $1,800 to move into a short-term bearish zone, similar to bitcoin.
    There was also a break below a crucial bullish trend line with support near $1,865 on the hourly chart of ETH/USD. It opened the doors for more losses below the $1,750 support. The price even spiked below the $1,600 level and settled well below the 100 hourly simple moving average.
    It traded close to the $1,500 support and recently started an upside correction. There was a recovery wave above the $1,600 and $1,650 levels. The price even climbed above the 50% Fib retracement level of the recent decline from the $1,980 high to $1,500 swing low.

    Source: ETHUSD on TradingView.com
    However, the price failed to surpass the $1,800 resistance level. It struggled to clear the 61.8% Fib retracement level of the recent decline from the $1,980 high to $1,500 swing low.
    Ether is now moving lower and approaching the $1,650 support. If there is a close below $1,650 and $1,620, there are chances of a fresh decline towards the $1,500 support. An intermediate support sits near the $1,550 level.
    Fresh Increase in ETH?
    If Ethereum stay above the $1,650 support, it could attempt a fresh increase. The first key resistance is near the $1,750 level.
    The next major resistance is forming near the $1,800 level (the recent breakdown zone). To move into a positive zone, the price must gain momentum above $1,850 and the 100 hourly simple moving average.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
    Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
    Major Support Level – $1,650
    Major Resistance Level – $1,800

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,459.00
    ethereum
    Ethereum (ETH) $ 2,581.80
    tether
    Tether (USDT) $ 0.996859
    binance-coin
    Binance Coin (BNB) $ 338.70
    cardano
    Cardano (ADA) $ 1.35
    xrp
    XRP (XRP) $ 0.755202
    usd-coin
    USD Coin (USDC) $ 0.998734
    dogecoin
    Dogecoin (DOGE) $ 0.207333
    polkadot
    Polkadot (DOT) $ 17.99
    binance-usd
    Binance USD (BUSD) $ 0.998491
    uniswap
    Uniswap (UNI) $ 22.35
    bitcoin-cash
    Bitcoin Cash (BCH) $ 545.40
    chainlink
    Chainlink (LINK) $ 22.61
    litecoin
    Litecoin (LTC) $ 145.54
    solana
    Solana (SOL) $ 35.08
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,467.00
    matic-network
    Polygon (MATIC) $ 1.08
    stellar
    Stellar (XLM) $ 0.286312
    ethereum-classic
    Ethereum Classic (ETC) $ 51.94
    theta-token
    Theta Network (THETA) $ 6.06
    vechain
    VeChain (VET) $ 0.089299
    internet-computer
    Internet Computer (ICP) $ 42.21
    dai
    Dai (DAI) $ 0.999252
    okb
    OKB (OKB) $ 19.66
    filecoin
    Filecoin (FIL) $ 55.23
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022065
    terra-luna
    Terra (LUNA) $ 11.31
    tron
    TRON (TRX) $ 0.065351
    cdai
    cDAI (CDAI) $ 0.021526
    monero
    Monero (XMR) $ 240.93
    aave
    Aave (AAVE) $ 326.27
    eos
    EOS (EOS) $ 4.08
    compound-ether
    cETH (CETH) $ 51.82
    ftx-token
    FTX Token (FTT) $ 35.04
    cosmos
    Cosmos (ATOM) $ 12.95
    amp-token
    Amp (AMP) $ 0.070923
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.43
    the-graph
    The Graph (GRT) $ 0.696454
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.128356
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    neo
    NEO (NEO) $ 43.69
    leo-token
    LEO Token (LEO) $ 3.03
    algorand
    Algorand (ALGO) $ 0.855713
    bitcoin-sv
    Bitcoin SV (BSV) $ 143.64
    maker
    Maker (MKR) $ 2,991.12
    klay-token
    Klaytn (KLAY) $ 1.05
    celsius-degree-token
    Celsius Network (CEL) $ 6.15
    tezos
    Tezos (XTZ) $ 3.08
    iota
    IOTA (MIOTA) $ 0.899841
    avalanche-2
    Avalanche (AVAX) $ 13.55