Ethereum Price Resumes Downtrend As Bears Aim $1,500

Ethereum value is exhibiting bearish indicators under $1,700 in opposition to the US Greenback. ETH may proceed to maneuver down under the $1,600 stage.

• Ethereum is down 5% and there was a transfer under the $1,720 assist.
• The worth is buying and selling under $1,700 and the 100-hourly Easy Shifting Common.
• The bears wrestle 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 may wrestle to get better above the $1,680 and $1,700 resistance ranges.

Ethereum Worth Dives 5%

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

There was a transparent transfer under the $1,700 and $1,640 assist ranges. The worth declined over 5% and traded near $1,630. A low is fashioned close to $1,630 and the value is now consolidating losses. It’s buying and selling under $1,700 and the 100-hourly Easy Shifting Common.

There may be additionally a key bearish pattern line forming with resistance close to $1,740 on the hourly chart of ETH/USD. Instant resistance is close to the $1,660 stage or the 23.6% Fib retracement stage of the current drop from the $1,749 swing excessive to the $1,630 low.

The subsequent main resistance is close to the $1,680 stage. The primary main resistance is close to $1,700 or the 61.8% Fib retracement stage of the current 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.

Supply: ETHUSD on TradingView.com

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

Extra Losses in ETH?

If Ethereum fails to clear the $1,700 resistance, it may proceed to maneuver down. Preliminary assist on the draw back is close to the $1,630 stage and the current low.

The subsequent main assist is close to the $1,600 stage. If there’s a break and shut under the $1,600 assist, the value may 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 under the 50 stage.

Main Assist Degree – $1,600

Main Resistance Degree – $1,700