Ethereum Bears Hold Strong – Why ETH Could Resume Downtrend Below $1,600

Ethereum value examined the $1,600 zone and is at present recovering towards the US Greenback. ETH is going through many hurdles close to $1,650 and $1,670.

• Ethereum began a restoration wave from the $1,600 help degree.
• The value is buying and selling under $1,650 and the 100-hourly Easy Transferring Common.
• There’s a connecting bearish development line forming with resistance close to $1,665 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
• The pair might begin a contemporary enhance until there’s a shut above the $1,700 degree.

Ethereum Worth Faces Key Resistance

Ethereum’s value prolonged its decline under the $1,650 help zone. ETH value even spiked under the $1,620 and examined the $1,600 deal with, like Bitcoin.

A low was shaped close to $1,600 and the value just lately began an upside correction. There was a transfer above the $1,620 and $1,630 ranges. The value climbed above the 23.6% Fib retracement degree of the downward transfer from the $1,748 swing excessive to the $1,600 low.

Ether remains to be buying and selling under $1,650 and the 100-hourly Easy Transferring Common. Apart from, there’s a connecting bearish development line forming with resistance close to $1,665 on the hourly chart of ETH/USD.

On the upside, the value may face resistance close to the $1,650 degree and the 100 hourly SMA. The following resistance is close to the $1,660 degree and the development line. It’s near the 50% Fib retracement degree of the downward transfer from the $1,748 swing excessive to the $1,600 low.

Supply: ETHUSD on TradingView.com

A detailed above the $1,665 degree may ship the value towards the $1,700 zone. To begin a contemporary enhance, Ethereum should settle above the $1,700 pivot degree. The following resistance could be close to $1,750. Any extra positive aspects may ship the value towards the $1,800 resistance.

One other Decline in ETH?

If Ethereum fails to clear the $1,665 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $1,630 degree.

The primary key help is near $1,600. The following main help is close to the $1,580 degree. If there’s a draw back break under $1,580, the value might prolong its decline towards the $1,540 degree. Any extra losses may ship the value towards the $1,480 degree within the close to time period.

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 above the 50 degree.

Main Assist Stage – $1,600

Main Resistance Stage – $1,665