Ethereum Slips Under $1,600 – Quick Daily Outlook
Ethereum has dropped significantly below the $1,750 support level versus the US dollar. ETH is showing negative indicators and faces further
Ethereum has dropped significantly below the $1,750 support level versus the US dollar. ETH is showing negative indicators and faces further losses below $1,550. ETHEREUM began a new drop and traded below the $1,600 mark.
The price currently trades below $1,650 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, there was a break above a connecting negative trend line with resistance near $1,580. If the pair remains below the $1,700 resistance level, it may continue to fall.
Price of Ethereum Slips to $1,600
Ethereum began a significant drop below the $1,700 barrier. ETH fell below the $1,650 support level, moving into a bearish zone. It allowed for a dip below the $1,600 level. Finally, the price fell as low as $1,524 before the bulls took over. It began an upward correction and traded above the $1,580 mark. On the hourly chart of ETH/USD, there was a break above a connecting negative trend line with resistance near $1,580.
The price of ether has risen above the 23.6% Fib retracement level of the major slide from the $1,878 swing high to the $1,524 low. The bears, on the other hand, were active near the $1,650 level.
The price currently trades below $1,650 and the 100 hourly simple moving average. The $1,625 level is immediate upward resistance. The first significant barrier is already emerging near $1,650. The next considerable barrier is near $1,700 and the 100 hourly simple moving average.
The 50% Fib retracement level of the crucial slide from the $1,878 swing high to the $1,524 low is very close to $1,700. A clear break above the $1,700 resistance level could potentially drive the price above the $1,750 level.
More ETH Losses?
If Ethereum fails to break through the $1,700 barrier, it may continue to fall. On the downside, initial support is approaching $1,550.
The next key support is near $1,525, below which the price of ether may begin to fall. In the aforementioned scenario, the price might fall to $1,465 or below. Any further losses might pave the way for a move towards the $1,420 mark. Good luck!
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