Ethereum consolidates under $1,650 which might make a sharp decline very possible.
In relation to the US dollar, Ethereum continued to decline and tested the $1,550 region. If there is a noticeable rise above the $1,650 resistance, ETH may accelerate.
Ethereum started to retrace downward and traded under the $1,650 mark.
The price is currently trading below both the $1,650 level and the 100-hourly simple moving average.
On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance close to $1,660..
In the event that there is a clear break below the $1,550 support, the pair may continue to decline.
Ethereum Price Continues to Decline
Ethereum is still trading in a bearish zone below $1,700. Even after Ethereum consolidates beneath the $1,650 support area, ETH entered a short-term negative zone.
The support level of $1,600 was clearly breached. The price of ether finally tested the $1,550 mark. It held steady above the pivotal wave’s 50% Fibonacci retracement level from the swing low of $1,355 to the high of $1,785. The price is now trading beneath both the 100 hourly simple moving average and the $1,650 mark.
On the hourly chart of ETH/USD, a significant bearish trend line with resistance close to $1,660 is also developing. Near the $1,650 level and the 100 hourly simple moving average is an imminent upward resistance.
The trend line and $1,670 represent the first significant barrier. The price might possibly increase to $1,700 with a clear rise above the $1,670 mark. The price may increase towards or perhaps reach $1,780 if the bulls continue to be active.
More ETH Losses?
If Ethereum is unable to go above the $1,670 barrier, it might continue to decline. On the downside, a first area of support is located close to $1,570.
Near $1,550 is the next significant support level, below which a sudden collapse is possible. In the aforementioned scenario, there is a chance that the price of ether will soon drop to the $1,520 support. It is close to the important wave from the $1,355 swing low to the $1,785 high, which has a Fibonacci retracement level of 61.8 percent. If there are any additional losses, the $1,450 mark may need to be tested.
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