{"id":118458,"date":"2021-03-25T05:27:54","date_gmt":"2021-03-25T05:27:54","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118458"},"modified":"2021-03-25T05:27:54","modified_gmt":"2021-03-25T05:27:54","slug":"ta-ethereum-dives-below-1600-why-1550-is-the-key-for-next-move","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-ethereum-dives-below-1600-why-1550-is-the-key-for-next-move\/","title":{"rendered":"TA: Ethereum Dives Below $1,600, Why $1,550 Is The Key For Next Move"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Ethereum extended its decline after it failed to recover above the $1,750 resistance level.<\/li>\n<li>The price is currently trading well below $1,600 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $1,700 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could correct higher, but it is likely to face a strong selling interest near $1,650 and $1,660.<\/li>\n<\/ul>\n<h2>Ethereum Price Breaks Key Support<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/spring-cta-2.gif\" \/><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\" \/><\/p>\n<p>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.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/Ethereum-21.png\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>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.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> &ndash; <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &ndash; <\/strong>The RSI for ETH\/USD is now well below the 40 level.<\/p>\n<p>Major Support Level &ndash; $1,550<\/p>\n<p>Major Resistance Level &ndash; $1,640<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-dives-below-1600\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is down over 5% and it<\/p>\n","protected":false},"author":3,"featured_media":118457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Ethereum Dives Below $1,600, Why $1,550 Is The Key For Next Move - 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