Ethereum Price Faces Bearish Trend
The price of Ethereum has experienced a fresh decline, dropping below the $1,650 support level and trading below both $1,665 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $1,645.
Ethereum Price Revisits Support
Following a failed attempt to stay above $1,665, Ethereum’s price has entered a bearish zone. It dropped below $1,650 and even reached below $1,600 on Kraken before testing support at $1,585. However, it is now attempting to increase again and has moved above the $1,620 level.
Despite this increase, Ethereum is still trading below both $1,665 and the 100-hourly Simple Moving Average. There is significant resistance near the $1,650 level and a key bearish trend line forming around $1,645 on the ETH/USD hourly chart.
More Losses in ETH?
If Ethereum fails to break through the resistance at $1,665, it may continue to decline. The initial support level on the downside is around $1,620, followed by a key support level at $1,600. A break below this support could trigger another strong bearish wave and potentially push the price below $1,585.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bearish zone, while the RSI has dropped below 50.
Hot Take: Uncertain Future for Ethereum’s Price
The price of Ethereum is facing significant challenges as it struggles to break through key resistance levels. With the bearish trend line forming and technical indicators pointing towards further losses, it remains uncertain whether Ethereum will be able to sustain a positive momentum in the near future. Traders should closely monitor the price action and key support levels to determine the next potential move for Ethereum.
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