Ethereum could reach $ 1,500 (analysis August 2, 2022)

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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.

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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.

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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.

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Final comments

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