Table of contents
Ethereum failed to stay above the $ 1,700 level and began a bearish correction. The ETH broke below the $ 1,660 and $ 1,650 support levels to enter a short-term bearish zone and is now trading below the $ 1,650 and 100-hour simple moving average.
Before entering the analysis, we recommend investing in Ethereum or other cryptocurrencies, only safe and legal platforms such as eToro, where you can open a simple real money account and that’s it only 50 Besides, you also have the demo and copytrading functionality.
Click here to open an account with eToro
Ethereum: what’s going on?
Ethereum began a bearish correction after stabilizing below the $ 1,700 level. It broke below the $ 1,660 and $ 1,650 support levels to enter a short-term bearish zone.
There was a clear movement below the level of 23.6% of fiber retracement The upward movement from the swing low of $ 1.356 to the high of $ 1.785 In addition, the hourly chart of ETH / USD saw a break below a declining trading range with support near $ 1.610.
Immediate upside resistance near $ 1600 and the broken channel support zone First major resistance near the $ 1665 area and the simple hourly moving average at 100. Large resistance is now forming near the $ 1680 area.
If Ethereum fails to break out of the overhead resistance at $ 1,680, it may continue to decline. Initial bearish support near the $ 1,570 area.
Final comments
Finally, if you want to buy Ethereum, we remind you that the simplest and safest way remains eToro which has low spreads, has a free demo account and which one trade copy. And then just open a real account only 50 euros.
Sign up for eToro now by clicking here
Click to vote!
