ETH could fall to $1,500 in the near future due to an inability to sustain a price above $1,650, which has led to Ethereum’s increased losses against the US dollar. ETH might continue falling towards the $1,500 support zone.
After hitting a low of $1,700, Ethereum began a downward retreat.
Currently, the price is trading below the 100 hourly simple moving average and the $1,650 mark.
On the hourly chart of ETH/USD, there was a break below a descending channel with support near $1,610.
The pair may continue falling towards the support level of $1550 or maybe $1500.
Ethereum entered a downward correction after failing to hold its position above $1,700. For ETH to enter a short-term bearish zone, it needed to break below the $1,660 and $1,650 support levels.
The upward move from the $1,356 low to the $1,785 high has clearly broken below the 23.6% Fib retracement level. On the hourly chart of ETH/USD, a break below a descending channel with support near $1,610 has also occurred.
Ether price is currently trading below $1,650 as well as the 100 hourly simple moving average. It looks like the price may drop further, with $1,570 acting as strong support.
The $1,600 mark and the fractured channel support area present an immediate upside barrier. Near the $1,665 area and the 100 hourly simple moving average is the first significant hurdle. Currently, the $1,680 region is where the greatest resistance emerges.
The price could potentially rise to $1,720 if there is a clear rise above the $1,680 mark. In the aforementioned scenario, the price may rise in the direction of the $1,750-$1,780 resistance zone.
More losses in ETH?
Ethereum may continue to fall if it is unable to overcome the resistance at $1,680. Near the $1,570 region is a first downside support zone.
Near the $1,570 level, this is also where the upward move from the $1,356 low to the $1,785 high is a 50% Fibonacci retracement level. Below $1,520, where there is a risk of a steep downside, is the next significant support. In the aforementioned scenario, the price of Ether could potentially drop in the near future towards the $1,400 support.
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