Ethereum started a significant decline below the $1,600 zone against the US Dollar. ETH even declined below $1,500, and any recovery could face hurdles.
Ethereum extended its drop below the $1,600 and $1,500 levels. The price now trades below $1,500 and the 100 hourly simple moving average.
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A critical bearish trend line is forming with resistance near $1,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct higher, but upsides might be limited above $1,500.
Ethereum failed to gain pace above the $1,660 and $1,675 resistance levels. ETH started a fresh decline and traded below the critical $1,600 support zone.
It opened the doors for a move below the $1,550 and $1,500 support levels. Ether's price settled below the $1,500 and 100 hourly simple moving average.
A low was formed near the $1,423 level, and the price is now correcting losses. Immediate resistance on the upside is near the $1,460 level.
The first significant resistance is now forming near the $1,480 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low.
A critical bearish trend line is forming with resistance near $1,480 on the hourly chart of ETH/USD. The next significant resistance is near the $1,540 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent decline from the $1,707 swing high to the $1,423 low is also near the $1,565 station.
A clear move above the $1,565 level might send the price towards $1,600 resistance. Any more gains may open the doors to test the $1,650 resistance. - newsbtc
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