ETH Below $1600 Could Speed Up Lower Towards $1500: Analysis

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ETH Below $1600 Could Speed Up Lower Towards $1500: Analysis


ETH below $1600 could mean that the coin will speed up lower towards $1500 as we are reading more in our latest Ethereum news.

ETH started a sharp drop below $1850 against the US dollar with the price spiking to $1500 and will struggle to stay higher. ETH declined heavily after it broke the $1850 support level and there was a break below the crucial bullish trend line with support at $1865 on the hourly charts of the pair. The pair could move down if it fails to stay above $1650 support. ETH started going lower after it failed to sustain the $2000 level and broke many important supports at $1850 with $1800 to enter into the short-term bearish zone similarly to BTC.

ethusd
Source ETHUSD on TradingView.com

There was also a break below the crucial bullish trend line and the support at $1865 on the hourly chart of the pair while opening the doors for more losses below $1750 support. The price spiked below that level even and settled below the 100 hourly simple moving average. It then traded to a $1500 support and started an upside correction with the recovery shifting between $1600 and $1650. The price climbed above the 50% fib retracement level from the recent decline at $1980 high to $1500 swing low.

The price failed to surpass the $1800 resistance and struggled to clear the 61.8% fib retracement level from the recent decline at $1980 high to $1500 low. ETH below $1600 could mean more lows are coming and if there’s a close below the $1650 and the $1620, there are even more chances of a drop to $1500 support. The intermediate support is near the $1550 level. If ETH stays above $1650 support, it will try to increase again with the first key resistance nearing the $1750 level. The next major resistance is forming near the $1800 level and for the coin to enter a new positive zone, the price has to gain more momentum above $1850 and the 100 hourly simple moving average. The hourly MACD for the pair is gaining momentum in the bearish zone with the hourly RSI for the pair being below the 50 level.

ETH slips
Ethereum slips amid broader crypto market sell-off. Source ETHUSD on TradingView.com

As reported recently, Etheruem’s price climbed higher and surpassed the $2000 resistnace against the US dollar with the price trading nicely above $1850 and the 100 simple moving average. There’s a key bullish trend line forming near $1860 on the 4-hour charts of the pair that could most likely continue higher above $1980 and $2000 levels.

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