• Contact Us
  • Privacy Policy
Friday, April 23, 2021
BitcNews21
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Atcoin
  • Blockchain
  • Regulation
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Atcoin
  • Blockchain
  • Regulation
No Result
View All Result
BitcNews21
No Result
View All Result

Ethereum Dives Below $1,600, Why $1,550 Is The Key For Next Move

March 25, 2021
in Bitcoin
Reading Time: 3 min
585
SHARES
3.2k
VIEWS
ShareShareShareShareShare

You might also like

Leading Yield Farming Ecosystem DYP Now on Binance Smart Chain

Ethereum Trims Gains, Here’s What Could Trigger A Fresh Rally

Bitcoin Dives Below Key Support, Here’s Why BTC Bears Are Back

Ethereum is down over 5% and it broke the $1,600 support zone against the US Dollar. ETH price must stay above $1,550 to avoid more losses in the coming sessions.

  • Ethereum extended its decline after it failed to recover above the $1,750 resistance level.
  • The price is currently trading well below $1,600 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to face a strong selling interest near $1,650 and $1,660.

Ethereum Price Breaks Key Support

Ethereum made an attempt to gain strength above $1,740 and $1,750, but it failed. A high was formed near $1,737 before the price started a fresh decline, similar to bitcoin.

It broke the key $1,650 support level to move into a bearish zone. The bears even gained strength for a push below the $1,600 support level. A low is formed near $1,545 and the price is now trading well below the 100 hourly simple moving average.

An initial resistance on the upside is near the $1,590 and $1,600 levels. The 23.6% Fib retracement level of the recent decline from the $1,737 high to $1,545 low is also near $1,590 to act as a hurdle.

Source: ETHUSD on TradingView.com

The main resistance is forming near the $1,640 and $1,650 levels (the recent breakdown zone). The 50% Fib retracement level of the recent decline from the $1,737 high to $1,545 low is also near the $1,640 level. If there is an upside break above $1,650, the price could visit $1,700 or the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,700 on the hourly chart of ETH/USD.

More Losses in ETH?

If Ethereum fails to climb above the $1,640 and $1,650 resistance levels, it could continue to move down. An initial support on the downside is near the $1,560 level.

The main support is near the $1,550 level. A clear downside break below the $1,550 support could accelerate losses. The next major support below 1,550 may possibly be near the $1,500 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 40 level.

Major Support Level – $1,550

Major Resistance Level – $1,640

Credit: Source link

Share234Tweet146SendShare41Pin53
Previous Post

Bitcoin Breaks $53K, Why BTC Could Soon Revisit $50K

Next Post

Coinbase hiring in India despite potential crypto crackdown

Related Posts

Bitcoin

Leading Yield Farming Ecosystem DYP Now on Binance Smart Chain

April 23, 2021
Bitcoin

Ethereum Trims Gains, Here’s What Could Trigger A Fresh Rally

April 23, 2021
Bitcoin

Bitcoin Dives Below Key Support, Here’s Why BTC Bears Are Back

April 23, 2021
Bitcoin

Bulls In Trouble As $50,000 Is Lost

April 23, 2021
Bitcoin

Litecoin Prepares For Fresh Bull Momentum As Alt Season Cements 

April 23, 2021
Next Post

Coinbase hiring in India despite potential crypto crackdown

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ethereum ETF Approved While ETH Gives Bullish Signals

April 17, 2021

How Is the XRP Lawsuit Going And How Investors Make More Money on the Recent Fluctuation of XRP Prices?

April 21, 2021

Don't miss it

Crypto News

Data Dash lists the DeFi coins to watch in April

April 10, 2021
Crypto News

5 Coins with 50%-100% potential: ProfitFarmers’ insider list

April 22, 2021
Blockchain

Where to Buy Dogecoin? DogeCoin Jumps 232% in last Seven Days

April 23, 2021
Blockchain

Phemex’s Q aRt Makes a Piece of NFT art out of You

April 1, 2021
Crypto News

The altcoin season is in full swing as Bitcoin’s dominance falls to 55.3%

April 6, 2021
Crypto News

TA: Bitcoin Steadies Above $50K, Why BTC Could Recover To $55K

March 26, 2021

About

This is an online news portal that aims to provide the latest crypto news and real-time updates around the world. Feel free to get in touch with us!

What’s New Here!

  • Altcoin Daily reveals 5 altcoin gems in the wake of Bitcoin’s bloodbath
  • Thodex Users Ask For Refunds After Crypto Exchange Shuts Down
  • Seoul government seizes $22M worth of crypto from tax evaders

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy

© 2020 bitcnews21.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Atcoin
  • Blockchain
  • Regulation
  • en English
    zh-CN Chinese (Simplified)en Englishja Japanese

© 2020 bitcnews21.com - All rights reserved!

  • bitcoinBitcoin(BTC)$49,201.00-10.85%
  • ethereumEthereum(ETH)$2,239.50-13.46%
  • Binance CoinBinance Coin(BNB)$495.39-13.61%
  • rippleXRP(XRP)$1.08-18.76%
  • tetherTether(USDT)$1.000.55%
  • cardanoCardano(ADA)$1.07-13.11%
  • PolkadotPolkadot(DOT)$30.97-13.45%
  • dogecoinDogecoin(DOGE)$0.221760-22.50%
  • UniswapUniswap(UNI)$31.06-16.59%
  • litecoinLitecoin(LTC)$230.10-18.06%
en English
zh-CN Chinese (Simplified)en Englishja Japanese