Ethereum Price Drops, Are Bears Back?
Ethereum price gained bearish momentum below $1,620 against the US Dollar. ETH is showing bearish signs and might decline further toward $1,540. Ethereum Price Drops, Are Bears Back?
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Ethereum declined further below the $1,600 support zone.
The price is trading below $1,620 and the 100-hourly Simple Moving Average.
There are two bearish trend lines forming with resistance near $1,600 and $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down and test the $1,540 support in the short term.
Ethereum Price Drops, Are Bears Back? Ethereum Price Takes Hit
Ethereum's price has experienced a recent decline from the resistance levels of $1,660 and $1,670. It has fallen below the support level of $1,620 and entered a bearish zone, performing worse than Bitcoin. The bears have even pushed the price below the $1,600 support and the 100-hourly Simple Moving Average, forming a low near $1,568. However, the price is now attempting a recovery wave and has moved above the $1,580 level. Currently, Ether is trading below $1,620 and the 100-hourly Simple Moving Average, with two bearish trend lines forming with resistance near $1,600 and $1,620 on the hourly chart of ETH/USD. On the upside, the price may face resistance near the $1,600 level and the first trend line, followed by the next resistance near the $1,610 level, the second trend line, and the 100-hourly Simple Moving Average.
If the price manages to close above the resistance level of $1,620, it could potentially move towards the next resistance level at $1,650. Another significant barrier lies around the $1,660 mark. If Ethereum is able to close above this level, it might experience further upward movement towards $1,750.
More Losses in ETH?
In the event that Ethereum is unable to surpass the resistance level of $1,620, it may experience a further decline. The initial support level on the downside can be found around $1,565. The subsequent significant support level is at $1,540. If the price falls below $1,540, it could lead to an acceleration of losses, potentially resulting in a drop towards the $1,440 level in the upcoming days.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,540
Major Resistance Level – $1,620
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.