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    Ethereum Bears Aim Big After Recent Breakdown Below $1,600


    Ethereum declined heavily below the $1,750 support against the US Dollar. ETH is showing bearish signs and remains at a risk of more losses below $1,550.

    • Ethereum started a fresh decline and traded below the $1,600 level.
    • The price is now trading below $1,650 and the 100 hourly simple moving average.
    • There was a break above a connecting bearish trend line with resistance near $1,580 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to move down if it stays below the $1,700 resistance zone.

    Ethereum Price Turns Bearish

    Ethereum started a major decline below the $1,700 level. ETH traded below the $1,650 support zone to move further into a bearish zone.

    It opened the doors for a move below the $1,600 level. Finally, the price traded as low as $1,524 before the bulls appeared. It started an upside correction and traded above the $1,580 level. There was a break above a connecting bearish trend line with resistance near $1,580 on the hourly chart of ETH/USD.

    Ether price climbed above the 23.6% Fib retracement level of the key decline from the $1,878 swing high to $1,524 low. However, the bears were active near the $1,650 zone.

    The price is now trading below $1,650 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,625 level. The first major resistance is now forming near the $1,650 level. The next major resistance is near the $1,700 level and the 100 hourly simple moving average.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The 50% Fib retracement level of the key decline from the $1,878 swing high to $1,524 low is also near the $1,700 level. A clear move above the $1,700 resistance could even push the price above the $1,750 resistance.

    More Losses in ETH?

    If ethereum fails to rise above the $1,700 resistance, it could continue to move down. An initial support on the downside is near the $1,550 zone.

    The next major support is near $1,525, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,465 level. Any more losses may perhaps open the doors for a move towards the $1,420 level.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

    Hourly RSIThe RSI for ETH/USD is now below the 50 level.

    Major Support Level – $1,525

    Major Resistance Level – $1,650



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