Ethereum prices have retreated from the resistance level of $1670 against the US dollar. If ETH falls below the support level of $1600, it may suffer a significant blow
Ethereum prices have retreated from the resistance level of $1670 against the US dollar. If ETH falls below the support level of $1600, it may suffer a significant blow.
- Ethereum has been bearish since the resistance level of $1660.
- The price is below $1640 and the 100 hour simple moving average.
- On the ETH/USD hourly chart, a key bearish trend line is forming, with resistance levels around $1640 (data from Kraken).
- The currency pair must remain above the support range of $1600 in order to begin another short-term rise.
Ethereum prices further decline
The price of Ethereum failed to break through the resistance levels of $1660 and $1670. As a result, ETH began to decline again and traded below the support level of $1630 like Bitcoin.
The price also fell below the support level of $1620. However, bulls are active near the $1600 level. A low point has formed near $1606, and the price is currently consolidating its decline. Its trading price is close to the 23.6% Fib retracement level of the downward trend from a fluctuating high of $1659 to a low of $1606.
The price is below $1640 and the 100 hour simple moving average.ETH/ 1,640
On the positive side, prices may face resistance near the $1630 level and the 100 hour simple moving average. The next resistance is near the $1640 level and trend line. The trend line is also close to the 61.8% Fib retracement level of the downward trend from the high point of $1659 volatility to the low point of $1606.
At present, the main resistance level is around $1660. Closing above the $1660 resistance level may push the price towards the $1720 resistance level. The next major obstacle is around $1750. Closing above $1750 may push Ethereum further up to $1820.
More ETH losses?
If Ethereum fails to break through the resistance level of $1640, it may start another decline. The initial downward support is around $1600.
Falling below $1600 may accelerate losses. The next key support level is close to $1540, below which the price may even test the $1500 level. The next key support level is $1440.
What do you think of this? Welcome to leave a message in the comment section!
Welcome everyone to follow Yan Jie. She will provide you with high-quality content about B Circle every day
Alright, that's all for this issue. Everyone likes, follows, and supports us. Welcome to join us for warmth
Thank you for reading. See you next time!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
