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Monday, August 15, 2022
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    HomeMarketWhat Could Trigger A Sharp Decline?

    What Could Trigger A Sharp Decline?

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    Ethereum prolonged losses and examined the $1,550 zone towards the US Greenback. ETH might acquire tempo if there’s a clear transfer above the $1,650 resistance.

    • Ethereum began a draw back correction and traded beneath the $1,650 degree.
    • The value is now buying and selling beneath $1,650 and the 100 hourly easy transferring common.
    • There’s a key bearish pattern line forming with resistance close to $1,660 on the hourly chart of ETH/USD (information feed through Kraken).
    • The pair might proceed to maneuver down if there’s a clear break beneath the $1,550 assist.

    Ethereum Worth Extends Losses

    Ethereum remained in a bearish zone beneath the $1,700 degree. ETH even settled beneath the $1,650 assist zone to maneuver right into a short-term bearish zone.

    There was a transparent transfer beneath the $1,600 assist degree. Lastly, ether value examined the $1,550 degree. It remained steady above the 50% Fib retracement degree of the important thing wave from the $1,355 swing low to $1,785 excessive. The value is now buying and selling beneath $1,650 and the 100 hourly easy transferring common.

    There may be additionally a key bearish pattern line forming with resistance close to $1,660 on the hourly chart of ETH/USD. A right away resistance on the upside is close to the $1,650 degree and the 100 hourly simple moving average.

    Ethereum Price

    Supply: ETHUSD on TradingView.com

    The primary main resistance is close to the pattern line and $1,670. A transparent transfer above the $1,670 degree might even pump the worth to $1,700. If the bulls stay in motion, the worth might maybe rise in direction of the $1,750 resistance zone and even $1,780.

    Extra Losses in ETH?

    If ethereum fails to rise above the $1,670 resistance, it might proceed to maneuver down. An preliminary assist on the draw back is close to the $1,570 zone.

    The following main assist is close to $1,550, beneath which there’s a danger of a pointy decline. Within the acknowledged case, ether value might maybe decline in direction of the $1,520 assist within the close to time period. It’s close to the 61.8% Fib retracement degree of the important thing wave from the $1,355 swing low to $1,785 excessive. Any extra losses may name for a check of the $1,450 degree.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is now dropping momentum within the bearish zone.

    Hourly RSIThe RSI for ETH/USD is now close to the 50 degree.

    Main Help Stage – $1,570

    Main Resistance Stage – $1,670



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