Sunday , June 16 2024
Home / Altcoins / Ethereum Price Analysis: ETH Could Correct Below $1,650

Ethereum Price Analysis: ETH Could Correct Below $1,650

Summary:
Ethereum price is struggling to climb above the ,800 resistance against the US Dollar. ETH price is now trading below ,750 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,740 the 4-hours chart (data feed from Coinbase). The pair could continue to move down if it breaks the ,700 support zone. Ethereum price is declining below ,750 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,700 support zone. Ethereum Price Analysis This past week, ethereum struggled to clear the ,800 resistance zone against the US Dollar. ETH price attempted a few times to clear the ,800 level but failed. A swing high was formed near ,800 and the price started a fresh decline. There was a

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Suraj Manohar writes El Salvador Pushing to Institute Banks Geared Toward Bitcoin Investors

Suraj Manohar writes Drake Likely to Lose Million in BTC Bets on Stake

Suraj Manohar writes Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Suraj Manohar writes Whales Snag .38 Billion Worth of BTC In One Day

  • Ethereum price is struggling to climb above the $1,800 resistance against the US Dollar.
  • ETH price is now trading below $1,750 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1,740 the 4-hours chart (data feed from Coinbase).
  • The pair could continue to move down if it breaks the $1,700 support zone.

Ethereum price is declining below $1,750 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,700 support zone.

Ethereum Price Analysis

This past week, ethereum struggled to clear the $1,800 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,800 level but failed.

A swing high was formed near $1,800 and the price started a fresh decline. There was a drop below the $1,760 and $1,750 support levels. The pair even spiked below the $1,700 support. A low is formed near $1,688 and the price is now consolidating losses.

It is now trading below $1,750 and the 55 simple moving average (4-hours). On the upside, the price is now facing resistance near the $1,730 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,861 swing high to $1,688 low.

The next major resistance is near the $1,730 level. There is also a major bearish trend line forming with resistance near $1,740 the 4-hours chart.

The next major resistance is near the $1,775 zone or the 50% Fib retracement level of the recent decline from the $1,861 swing high to $1,688 low. A clear move above the $1,770 and $1,800 resistance levels might call for a fresh move to $1,860. Any more gains could even send the price towards the $1,940 resistance zone or even $2,000 in the near term.

On the downside, an initial support is near the $1,700 level. The next major support is now near the $1,685 level. A break below the $1,685 support could push the price to $1,600. If the bulls fail to protect the $1,600 support, the price might decline towards $1,500.

Ethereum Price Analysis: ETH Could Correct Below $1,650

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below $1,750 and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it breaks the $1,700 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $1,700, followed by the $1,600 zone.

Key Resistance$ Levels – $1,730 and $1,800.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *