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Ethereum worth gained bearish momentum beneath $1,620 towards the US Dollar. ETH is exhibiting bearish indicators and would possibly decline additional towards $1,540.

• Ethereum declined additional beneath the $1,600 assist zone.
• The worth is buying and selling beneath $1,620 and the 100-hourly Simple Moving Average.
• There are two bearish pattern traces forming with resistance close to $1,600 and $1,620 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair might proceed to maneuver down and check the $1,540 assist within the quick time period.

Ethereum Price Takes Hit

Ethereum’s worth began a recent decline from the $1,660 and $1,670 resistance levels. ETH declined beneath the $1,620 assist stage to enter a bearish zone and underperformed Bitcoin.

The bears even pushed the worth beneath the $1,600 assist and the 100-hourly Simple Moving Average. A low is fashioned close to $1,568 and the worth is now trying a restoration wave. There was a transfer above the $1,580 stage. The worth is testing the 23.6% Fib retracement stage of the current decline from the $1,660 swing excessive to the $1,568 low.

Ether is now buying and selling beneath $1,620 and the 100-hourly Simple Moving Average. There are additionally two bearish pattern traces forming with resistance close to $1,600 and $1,620 on the hourly chart of ETH/USD.

On the upside, the worth would possibly face resistance close to the $1,600 stage and the primary pattern line. The subsequent resistance is close to the $1,610 stage, the second pattern line, and the 100-hourly Simple Moving Average. The pattern line can also be close to the 50% Fib retracement stage of the current decline from the $1,660 swing excessive to the $1,568 low.

Source: ETHUSD on TradingView.com

An in depth above the $1,620 resistance would possibly ship the worth towards the $1,650 resistance. The subsequent main barrier is close to the $1,660 stage. An in depth above the $1,660 stage would possibly ship Ethereum additional increased towards $1,750.

More Losses in ETH?

If Ethereum fails to clear the $1,620 resistance, it might begin one other decline. Initial assist on the draw back is close to the $1,565 stage.

The subsequent key assist is $1,540. A draw back break beneath $1,540 would possibly speed up losses. In the acknowledged case, there may very well be a drop towards the $1,440 stage within the coming days.

Technical Indicators

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

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

Major Support Level – $1,540

Major Resistance Level – $1,620