TA: Ethereum Consolidates Below $1,650: What Could Trigger A Sharp Decline?
August 03 2022 - 12:08AM
NEWSBTC
Ethereum extended losses and tested the $1,550 zone against the US
Dollar. ETH could gain pace if there is a clear move above the
$1,650 resistance. Ethereum started a downside correction and
traded below the $1,650 level. The price is now trading below
$1,650 and the 100 hourly simple moving average. There is a key
bearish trend line forming with resistance near $1,660 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
continue to move down if there is a clear break below the $1,550
support. Ethereum Price Extends Losses Ethereum remained in a
bearish zone below the $1,700 level. ETH even settled below the
$1,650 support zone to move into a short-term bearish zone. There
was a clear move below the $1,600 support level. Finally, ether
price tested the $1,550 level. It remained stable above the 50% Fib
retracement level of the key wave from the $1,355 swing low to
$1,785 high. The price is now trading below $1,650 and the 100
hourly simple moving average. There is also a key bearish trend
line forming with resistance near $1,660 on the hourly chart of
ETH/USD. An immediate resistance on the upside is near the $1,650
level and the 100 hourly simple moving average. Source: ETHUSD on
TradingView.com The first major resistance is near the trend line
and $1,670. A clear move above the $1,670 level could even pump the
price to $1,700. If the bulls remain in action, the price may
perhaps rise towards the $1,750 resistance zone or even $1,780.
More Losses in ETH? If ethereum fails to rise above the $1,670
resistance, it could continue to move down. An initial support on
the downside is near the $1,570 zone. The next major support is
near $1,550, below which there is a risk of a sharp decline. In the
stated case, ether price may perhaps decline towards the $1,520
support in the near term. It is near the 61.8% Fib retracement
level of the key wave from the $1,355 swing low to $1,785 high. Any
more losses might call for a test of the $1,450 level. Technical
Indicators Hourly MACD – The MACD for ETH/USD is now losing
momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is
now near the 50 level. Major Support Level – $1,570 Major
Resistance Level – $1,670
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