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Home»Analysis»Ethereum price threatens to fall sharply unless ETH clears this heavy resistance
Analysis

Ethereum price threatens to fall sharply unless ETH clears this heavy resistance

2023-10-07No Comments3 Mins Read
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Ethereum price is slowly falling towards the support at $1,585 against the US dollar. ETH needs to overcome the USD 1,650 resistance to start a recovery wave.

  • Ethereum is struggling to stay above the $1,600 support zone.
  • The price is trading below $1,650 and the 100-hourly Simple Moving Average.
  • A major bearish trendline is forming with resistance near $1,645 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a new rise if it overcomes the USD 1,650 and USD 1,665 resistance levels.

Ethereum price drops lower

Ethereum attempted a recovery wave from the $1,630 zone. ETH climbed above the $1,650 resistance level, but the upside was limited, just like Bitcoin.

The price struggled to gain pace for a move above the USD 1,665 resistance level. A high was formed around $1,654 and the price responded to the downtrend. It fell below the $1,620 support and even traded close to the $1,600 level. A low is formed near USD 1,607 and the price is now consolidating losses.

Ethereum is now trading below $1,650 and the 100-hourly Simple Moving Average. There is also a major bearish trendline forming with resistance around $1,645 on the hourly chart of ETH/USD.

On the upside, the price could encounter resistance near the USD 1,630 level. It is close to the 50% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. The next major resistance is $1,650, the trendline and the 100-hour Simple Moving Average.

The trendline is close to the 76.4% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. A close above the USD 1,650 resistance could send the price towards the key resistance at USD 1,665.

See also  Ethereum price dives to $2K imminent as key support line crumbles

Ethereum price

Source: ETHUSD on TradingView.com

To start a steady increase, Ether needs to settle above the USD 1,650 and USD 1,665 levels. The next major resistance could be $1,720. Any gains could open the doors for a move towards $1,750.

Lose more in ETH?

If Ethereum fails to clear the USD 1,650 resistance, it could continue to decline. The initial downside support is near the $1,610 level. The next major support is at USD 1,600.

The first major support is now near $1,585. A downside break below the $1,585 support could trigger another strong decline. In the mentioned case, the price could fall towards the USD 1,540 level. Any further losses could perhaps send Ether towards the $1,500 level.

Technical indicators

hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.

RSI per hour – The RSI for ETH/USD is now below the 50 level.

Major support level – $1,585

Major resistance level – $1,665

Source link

Clears ETH Ethereum Fall heavy Price Resistance Sharply threatens
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