Ethereum failed to stay above $1,650 and extended its losses against the US Dollar. ETH may continue to move towards the $1,500 support area.
- Ethereum started a bearish correction after settling below the $1,700 level.
- The price is now trading below $1,650 and the 100 hourly simple moving average.
- There was a break below the descending channel with support near $1,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move lower towards the $1,550 or even $1,500 support level.
Ethereum price extends decline
Ethereum failed to stay above the $1700 level and started to Correction of the negative side. ETH moved below the $1,660 and $1,650 support levels to enter a short-term descending zone.
There was a clear move below the 23.6% Fib retracement level of the upward move from the $1,356 swing low to $1,785 high. Besides, there was a breakout below the descending channel with support near $1,610 on the hourly chart of ETH/USD.
Ether price is now trading at less than $1,650 and Simple moving average per 100 hours. It appears that the price may continue lower, with immediate support at $1,570.
There is immediate resistance on the upside near the $1600 level and the broken channel support area. The first major resistance is near the $1,665 area and the 100 hourly simple moving average. The main resistance is now forming near the $1,680 area.
Source: ETHUSD on TradingView.com
A clear move above the $1,680 level could push the price towards $1,720. In the mentioned case, the price may rise towards the $1750 or even $1,780 resistance area.
More losses in ETH?
If Ethereum fails to rise above the resistance level at $1,680, it may continue to decline. There is initial support on the downside near the $1.570 region.
The 50% Fib retracement level of the upward move from the swing low of $1,356 to the high of $1,785 is also near the $1,570 level. The next major support is near $1,520, below which there is a risk of a sharp decline. In the mentioned case, the price of Ether may decline towards the $1,400 support level in the near term.
MACD per hour – MACD for ETH/USD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now floating in the oversold territory.
Key Support Level – $1,570
Key Resistance Level – $1,680