ETH could fall to $1,500 in the near future due to an inability to maintain a price over $1,650 which has caused Ethereum’s losses versus the US Dollar to grow. ETH might keep falling toward the $1,500 support area.
After it reached a low of $1,700, Ethereum began a downward retreat.
Currently, the price is trading beneath both the 100 hourly simple moving average and the $1,650 mark.
On the hourly chart of ETH/USD, there was a break below a descending channel with support close to $1,610.
The pair may keep falling toward the $1,550 support level or maybe $1,500.
Ethereum entered a downward correction after failing to maintain its position above $1,700. For ETH to go into a short-term bearish zone, it had to move below the $1,660 and $1,650 support levels.
The upward movement from the $1,356 swing low to $1,785 peak clearly moved below the 23.6 percent Fib retracement level. On the hourly chart of ETH/USD, a break below a descending channel with support close to $1,610 also occurred.
The price of ether is currently trading beneath $1,650 as well as the 100 hourly simple moving average. It appears that the price may drop further, with $1,570 acting as strong support.
The $1,600 mark and the area of support for the fractured channel present an immediate upward barrier. Near the $1,665 area and the 100 hourly simple moving average is the first significant barrier. Currently, the $1,680 region is where the greatest resistance is emerging.
The price might potentially increase to $1,720 if there is a clear rise above the $1,680 mark. In the aforementioned scenario, the price can increase in the direction of the $1,750 to $1,780 resistance zone.
Even more losses in ETH?
Ethereum may keep falling if it is unable to overcome the $1,680 resistance. Near the $1,570 region is a first area of support on the downside.
Near the $1,570 level is also where the upward movement from the $1,356 swing low to $1,785 high is 50% Fibonacci retracement level. Below $1,520, where there is a chance of a strong decline, is where the next significant support is located. In the aforementioned scenario, the price of ether might potentially fall in the near future toward the $1,400 support.
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