Blog

Ethereum worth is displaying bearish indicators beneath $1,700 in opposition to the US Dollar. ETH might proceed to maneuver down beneath the $1,600 degree.

• Ethereum is down 5% and there was a transfer beneath the $1,720 assist.
• The worth is buying and selling beneath $1,700 and the 100-hourly Simple Moving Average.
• The bears battle close to a key bearish pattern line with resistance close to $1,740 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
• The pair might battle to get better above the $1,680 and $1,700 resistance ranges.

Ethereum Price Dives 5%

Ethereum’s worth failed to realize tempo for a transfer above the $1,780 resistance. ETH reacted to the draw back beneath the $1,720 assist after the Fed rate of interest determination, just like Bitcoin.

There was a transparent transfer beneath the $1,700 and $1,640 assist ranges. The worth declined over 5% and traded near $1,630. A low is shaped close to $1,630 and the value is now consolidating losses. It is buying and selling beneath $1,700 and the 100-hourly Simple Moving Average.

There can also be a key bearish pattern line forming with resistance close to $1,740 on the hourly chart of ETH/USD. Immediate resistance is close to the $1,660 degree or the 23.6% Fib retracement degree of the latest drop from the $1,749 swing excessive to the $1,630 low.

The subsequent main resistance is close to the $1,680 degree. The first main resistance is close to $1,700 or the 61.8% Fib retracement degree of the latest drop from the $1,749 swing excessive to the $1,630 low. A correct transfer above the $1,680 and $1,700 resistance ranges may begin a gentle restoration wave.

Source: ETHUSD on TradingView.com

The subsequent resistance sits close to $1,740 and the pattern line, above which Ethereum might rise towards the $1,780 degree. Any extra features above the $1,780 resistance zone may ship the value towards the $1,850 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,700 resistance, it might proceed to maneuver down. Initial assist on the draw back is close to the $1,630 degree and the latest low.

The subsequent main assist is close to the $1,600 degree. If there’s a break and shut beneath the $1,600 assist, the value might speed up decrease towards the $1,550 assist. Any extra losses might maybe ship the value towards the $1,500 zone.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now beneath the 50 degree.

Major Support Level – $1,600

Major Resistance Level – $1,700