Ethereum Price Plunges to $1,600: Can Bulls Save the Day? – NewsBTC

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Ethereum price trimmed all gains and revisited $1,580 against the US dollar. ETH could continue to move down if it settles below the $1,600 support.
Ethereum’s price failed to stay above the $1,665 level and moved into a bearish zone. ETH extended its decline below the $1,650 level, like Bitcoin.
The decline was such that the price even spiked below the $1,600 on Kraken. The price retested the key support at $1,585. A low was formed near $1,585 and the price is now attempting a fresh increase. There was a move above the $1,620 level.
Ether climbed above the 23.6% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low. Ethereum is now trading below $1,665 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH/USD. The next major resistance is $1,665 and the 100-hourly Simple Moving Average.
Ethereum Price
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low is also near the $1,665 level. A clear move above the $1,665 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,750. Any more gains might open the doors for a move toward $1,820.
If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600.
A downside break below the $1,600 support might start another strong bearish wave. In the stated case, the price could even trade below the $1,585 level. In the stated case, Ether could visit the $1,540 level.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSIThe RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,665
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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