Ethereum is consolidating below $1,650, which could make a steep decline very possible.
Against the US Dollar, Ethereum continued to decline and tested the $1,550 region. If there is a noticeable rise above the $1,650 resistance, ETH may gain momentum.
Ethereum started to retrace lower and traded below the $1650 mark.
The price is currently trading below the $1,650 level and the 100 hourly simple moving average.
On the ETH/USD hourly chart, a major bearish trend line is forming with resistance near $1,660.
In the event that there is a clear break below the $1,550 support, the pair may continue lower.
Ethereum price continues to fall
Ethereum is still trading in a bearish zone below $1,700. Even after Ethereum consolidated below the $1,650 support zone, ETH entered a short-term negative zone.
The $1,600 support level has clearly been breached. Ether price finally tested the $1,550 mark. It held steady above the 50% Fibonacci retracement level of the pivot wave from the $1,355 low to $1,785 high. The price is now trading below the 100 hourly simple moving average and the $1,650 mark.
On the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,660 is also developing. Near the $1,650 level and the 100 hourly simple moving average is impending upside resistance.
The trend line and $1,670 are the first significant hurdle. The price could eventually rise to $1,700 with a sharp rise above the $1,670 mark. The price may rise or reach $1,780 if the bulls continue to be active.
More ETH losses?
Whether Ethereum is unable to break above the $1,670 mark, it may continue to decline. On the downside, a first area of support lies near $1,570.
Near $1,550 is the next significant support level, below which a sudden collapse is possible. In the aforementioned scenario, there is a possibility that the Ether price will drop to the $1,520 support soon. It is close to the major wave from the low of $1,355 to the high of $1,785, which has a 61.8% Fibonacci retracement level. If there are further losses, the $1,450 mark may need to be tested.
To see the latest ethereum news.
DC Forecasts is a leader in many crypto news categories, striving to achieve the highest journalistic standards and adhering to a strict set of editorial policies. If you are interested in offering your expertise or contributing to our news site, please do not hesitate to contact us at [email protected]