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Ethereum failed to remain above $1,650 and prolonged losses towards the US Dollar. ETH may proceed to maneuver down in the direction of the $1,500 assist zone.

• Ethereum began a draw back correction after it settled beneath the $1,700 stage.
• The worth is now buying and selling beneath $1,650 and the 100 hourly easy shifting common.
• There was a break beneath a declining channel with assist close to $1,610 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair might proceed to maneuver down in the direction of the $1,550 assist and even $1,500.

Ethereum Price Extends Decline

Ethereum failed to remain above the $1,700 stage and began a downside correction. ETH moved beneath the $1,660 and $1,650 assist ranges to enter a short-term bearish zone.

There was a transparent transfer beneath the 23.6% Fib retracement stage of the upward transfer from the $1,356 swing low to $1,785 excessive. Besides, there was a break beneath a declining channel with assist close to $1,610 on the hourly chart of ETH/USD.

Ether worth is now buying and selling beneath $1,650 and the 100 hourly simple moving average. It looks as if the value may proceed to maneuver down, with a direct assist at $1,570.

An instant resistance on the upside is close to the $1,600 stage and the damaged channel assist zone. The first main resistance is close to the $1,665 zone and the 100 hourly easy shifting common. The fundamental resistance is now forming close to the $1,680 zone.

Source: ETHUSD on TradingView.com

A transparent transfer above the $1,680 stage might even pump the value to $1,720. In the acknowledged case, the value could maybe rise in the direction of the $1,750 resistance zone and even $1,780.

More Losses in ETH?

If ethereum fails to rise above the $1,680 resistance, it might proceed to maneuver down. An preliminary assist on the draw back is close to the $1,570 zone.

The 50% Fib retracement stage of the upward transfer from the $1,356 swing low to $1,785 excessive can also be close to the $1,570 stage. The subsequent main assist is close to $1,520, beneath which there’s a danger of a pointy decline. In the acknowledged case, ether worth could maybe decline in the direction of the $1,400 assist within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now shifting within the oversold zone.

Major Support Level – $1,570

Major Resistance Level – $1,680