Ethereum is showing bearish signs as the price of the cryptocurrency has declined heavily below the $1,750 support level against the US dollar. ETH is at risk of more losses below the $1,550 mark.
Ethereum began a fresh decline and traded below the $1,600 price point.
The price is currently trading below $1,650 as well as the 100 hourly simple moving average.
There was a break above a connecting negative trend line with resistance at $1,580 on the hourly chart of ETH/USD. If the pair persists below the $1,700 resistance level, it is likely to decline further.
Ethereum Is Showing Bearish Signs – Price Is Falling
Ethereum has started to fall significantly below the $1,700 mark. ETH has fallen below the $1,650 support line, entering a bearish zone.
It enabled a drop below the $1,600 mark. Finally, the price dropped to $1,524 before the bulls gained control. It began an upward correction and traded over the $1,580 mark. On the hourly chart of ETH/USD, there was a break above a connecting negative trend line with resistance near $1,580.
The price of ETH rose above the 23.6% Fib retracement level of the major slide from the $1,878 swing high to the $1,524 low. But, the Bears were active at the $1,650 level.
The price is currently trading below $1,650 as well as the 100 hourly simple moving average. The $1,625 level is an immediate upward resistance. The first significant barrier is already emerging at $1,650. The next significant barrier is at $1,700 and the 100 hourly simple moving average.
The 50% Fib retracement level of the pivotal drop from the $1,878 swing high to the $1,524 low is extremely near to $1,700. A clear break above the $1,700 resistance level might potentially drive the price above the $1,750 level.
More Losses?
If Ethereum fails to break past the $1,700 mark, it may fall further. On the downside, the initial support level is around $1,550.
The next key support is at $1,525, below which the price of ether may begin to fall. In the situation described above, the price might decrease to $1,465 or below. Any more losses might pave the door for a move towards the $1,420 level.
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