Ethereum plummeted below the $1,750 support. ETH is showing bearish signs and has a high risk of falling below $1,550.
Ethereum started a new slump and traded below $1,600.
The price is currently trading below $1,650 and the 100-hour simple moving average.
There has been a breakout above the bearish trendline connected to the resistance level near $1,580 on the hourly chart of ETH/USD.
The pair may continue to decline if it falls below the $1,700 resistance zone.
Ethereum Price Starts To Fall
Ethereum began to plummet below $1,700. ETH has been trading below the $1,650 support zone to move further into the bearish zone.
There is a high probability that the Ethereum price will move below the $1,600 level. Finally, the price traded as low as $1,524 before the bulls appeared. It started a bullish correction and traded above $1,580. There has been a breakout above the bearish trendline connected to the resistance level near $1,580 on the hourly chart of ETH/USD.
Ether price climbed above the Fib retracement level of 23.6%, from $1,878 to a low of $1,524. However, the bears were active near the $1,650 area.
The price is currently trading below $1,650 and the 100-hour simple moving average. The immediate resistance on the upside is near the $1,625 level. The first major resistance level is currently forming near the $1,650 level. The next major resistance is near the $1,700 level and the 100-hour simple moving average.
50% Fib retracement level of the main drop from $1,878 to $1,524 and near the $1,700 level. A clear move above the $1,700 resistance level could push eth price above the $1,750 resistance.
Is ETH still losing?
If Ethereum fails to break above the $1,700 resistance level, it will likely continue to decline. Initial support is near the $1,550 zone.
The next major support is near $1,525, below which eth price could fall faster. In the stated case, the price may fall to the level of $1,465. Any further losses will likely cause Ethereum to fall to $1,420.