The price of Ethereum against the US dollar fell below the $1,670 resistance. If it breaches the $1,600 support, ETH could suffer significantly.
- Starting with the $1,660 resistance, Ethereum entered a bearish wave.
- The price is currently trading beneath both the 100-hour Simple Moving Average and $1,640.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a significant bearish trend line forming with resistance close to $1,640.
- To begin another advance in the near term, the pair needs to maintain its price above the $1,600 support area.
This is a new low since July 2022.
— Satoshi Talks (@Satoshi_Talks) September 20, 2023
Ethereum Price Slides Further
The resistance levels of $1,660 and $1,670 were not overcome by the price of Ethereum. As a result, ETH began another slide and traded, like Bitcoin, below the $1,630 support.
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The support level of $1,620 was also breached by the price. The bulls, though, are active close to the $1,600 mark. Near $1,606, a low has developed, and the price is currently consolidating its losses. It is trading close to the 23.6% Fib retracement level of the decline from the swing high of $1,659 to the low of $1,606 at this time.
Currently, the price of ether is below both the 100-hour SMA and the $1,640 mark. On the hourly chart of ETH/USD, a significant bearish trend line with resistance close to $1,640 is also developing.
The price could encounter resistance near the $1,630 mark and the 100-hourly simple moving average on the upside. Near the trend line and the $1,640 price point comes the next obstacle. The trend line is also close to the 61.8% Fib retracement level of the decline from the swing high of $1,659 to the low of $1,606 in the price range.
More Losses in ETH?
Ethereum may begin a new slump if it is unable to overcome the $1,640 resistance. Near $1,600 is where initial support on the downside is located.
More Losses in ETH?
If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,630 level and the 100-hourly Simple Moving Average.
— The Trading DNA (@TheTradingDNA) September 19, 2023
A breach to the downside below $1,600 might hasten losses. Near $1,540 is the next significant support, below which the price might potentially test the $1,500 barrier. $1,440 is the next important support.
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