Ethereum Price Drops Below $1,650, Faces Risk of Further Losses
Ethereum Price Update
- Ethereum price dropped below $1,650 after failing to maintain levels above $1,800.
- The price is currently below the 100-hourly Simple Moving Average.
- A bearish trend line was broken with support at $1,775.
- Potential further losses could occur below the $1,550 support zone.
Ethereum reached a low of $1,537 before experiencing minor corrections. Resistance is identified near:
- $1,600 level
- $1,675 level (50% Fib retracement)
- $1,710 level
- $1,820 level (upside break may lead to gains towards $1,880 or $1,920)
If Ethereum does not surpass $1,600, it may decline further, with key supports at:
- $1,550
- $1,535 (initial major support)
- $1,420 and $1,400 (further support levels)
- $1,350 (next key support)
Technical indicators show a bearish momentum with MACD gaining strength and RSI below 50.