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Ethereum worth corrected decrease from the $1,670 resistance in opposition to the US Dollar. ETH might take a serious hit if it breaks the $1,600 help.

• Ethereum began a bearish wave from the $1,660 resistance.
• The worth is buying and selling under $1,640 and the 100-hourly Simple Moving Average.
• There is a key bearish development line forming with resistance close to $1,640 on the hourly chart of ETH/USD (knowledge feed through Kraken).
• The pair should keep above the $1,600 help zone to start out one other enhance within the brief time period.

Ethereum Price Slides Further

Ethereum’s worth didn’t clear the $1,660 and $1,670 resistance ranges. As a consequence, ETH began one other decline and traded under the $1,630 help, like Bitcoin.

The worth moved under the $1,620 help as effectively. However, the bulls are energetic close to the $1,600 degree. A low is fashioned close to $1,606 and the worth is now consolidating losses. It is buying and selling close to the 23.6% Fib retracement degree of the downward transfer from the $1,659 swing excessive to the $1,606 low.

Ether is now buying and selling under $1,640 and the 100-hourly Simple Moving Average. There can be a key bearish development line forming with resistance close to $1,640 on the hourly chart of ETH/USD.

On the upside, the worth may face resistance close to the $1,630 degree and the 100-hourly Simple Moving Average. The subsequent resistance is close to the $1,640 degree and the development line. The development line can be close to the 61.8% Fib retracement degree of the downward transfer from the $1,659 swing excessive to the $1,606 low.

Source: ETHUSD on TradingView.com

The primary resistance is now forming close to $1,660. A detailed above the $1,660 resistance may ship the worth towards the $1,720 resistance. The subsequent main barrier is close to the $1,750 degree. A detailed above the $1,750 degree may ship Ethereum additional greater towards $1,820.

More Losses in ETH?

If Ethereum fails to clear the $1,640 resistance, it might begin one other decline. Initial help on the draw back is close to the $1,600 degree.

A draw back break under $1,600 may speed up losses. The subsequent key help is near $1,540, under which the worth might even check the $1,500 degree. The subsequent key help is $1,440.

Technical Indicators

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

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

Major Support Level – $1,600

Major Resistance Level – $1,640