In relation to the US dollar, the price of Ethereum settled below the $1,565 support zone. ETH is falling more quickly and might reach the $1,440 support level.The price of Ethereum is rising below the $1,550 support level.
The 100-hourly Simple Moving Average and $1,565 are the two levels at which the price is trading.
On the hourly chart of ETH/USD, a connecting negative trend line is forming, with resistance close to $1,565 (data feed from Kraken).
The pair might yet see more declines in the direction of the $1,440 support.
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The Price of Ethereum Is Risky
Ethereum began a new downward trend and ended up below the pivot level of $1,600. Like Bitcoin, ETH traded below the $1,565 and $1,550 support levels.
Ethereum’s Price Is Nearing $1,440: A 10% Decline Is Possible,Ethereum’s Price Is Nearing $1,440: A 10% Decline Is Possible
The price has created a bottom around $1,542, and it is currently consolidating losses. The price movement as of late points to a significant likelihood of more losses. On the hourly chart of ETH/USD, a connecting negative trend line is also emerging, with resistance close to $1,565.
Currently, Ethereum is trading slightly below the 100-hourly Simple Moving Average and $1,565 mark. Resistance on the upswing is seen around the area of the trend line and the $1,565 mark. Near the trend line is also the 50% Fib retracement level of the decline from the $1,585 swing high to the $1,542 low.
The 76.4% Fib retracement level of the decline from the $1,585 swing high to the $1,542 low, or the $1,575 zone, is the first significant area of resistance.
A closure over the resistance level of $1,575 might initiate a gradual rise. In the scenario described, Ether may initiate a bounce back towards the $1,600 barrier. If there are any additional increases, a rise towards $1,665 would be possible.
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Ethereum may begin another downturn if it is unable to overcome the $1,565 barrier. Initial downside support is located close to the $1,540 mark.
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$1,520 is the next important support. A decline below the $1,520 support level might lead to abrupt bearish movements. In the hypothetical scenario given, the price may fall to around $1,440. If Ether has any further losses, it may go towards $1,350.
Technical Measures
- Hourly MACD: The ETH/USD MACD is moving closer to the negative zone.
- Hourly RSI: At this point, the ETH/USD RSI is below the 50 mark.
- $1,520 is the major support level.
- Key Resistance Point: $1,565
Ethereum’s Price Is Nearing $1,440: A 10% Decline Is Possible,Ethereum’s Price Is Nearing $1,440: A 10% Decline Is Possible,Ethereum’s Price Is Nearing $1,440: A 10% Decline Is Possible, Ethereum Coin Crypto news, Ethereum Coin News