TA: Ethereum Consolidates Below $1,650: What Could Trigger A Sharp Decline?

Aug 3, 2022 06:00 am Cryptocurrency 178

Ethereum extended losses and tested the $1,550 zone against the US Dollar. ETH could gain pace if there is a clear move above the $1,650 resistance.

Ethereum started a downside correction and traded below the $1,650 level.

The price is now trading below $1,650 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if there is a clear break below the $1,550 support.

Ethereum Price Extends Losses

Ethereum remained in a bearish zone below the $1,700 level. ETH even settled below the $1,650 support zone to move into a short-term bearish zone.

There was a clear move below the $1,600 support level. Finally, ether price tested the $1,550 level. It remained stable above the 50% Fib retracement level of the key wave from the $1,355 swing low to $1,785 high. The price is now trading below $1,650 and the 100 hourly simple moving average.

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