Ethereum (ETH) Is Falling: It Could Fall Seriously If It Breaks Below This Level
coinputin.com – Ethereum rose to a one-year high, reaching $ 636 just before making a downward correction against the dollar. According to analysis by Aayush Jindal, the price of ETH is showing signs of decline and could fall seriously if a break below $ 570 occurs.
The price is trading below the $ 600 level and approaching the 100-hour simple moving average.
The hourly ETH / USD chart has a significant downward trend line with resistance close to $ 590 (according to Kraken data).
If the pair can’t stay above the $ 570 and 100-hour SMA, it will likely continue to fall.
Ethereum Price Down 4 %
There was a reasonable increase in Ethereum above the $ 600 and $ 620 levels. The ETH price even broke the previous surge, hitting a year-high of $ 636. However, the Bulls failed to gain strength, resulting in a sharp drop below $ 620 (similar to Bitcoin).
The price broke the $ 600 support level to move into short-term drop zone. The price was positioned close to $ 620 before falling to $ 575 support. A drop of around $ 574 has occurred and the price is now consolidating the losses.
ETH was trading 23.6 per cent above its recent fall of $ 620 to $ 574. Ether is currently facing strong resistance near $ 590 and $ 595 levels.
On the hourly ETH / USD parity chart, there is a significant downward trend line that shows resistance close to $ 590. The last drop, from $ 620 to $ 574, was a 50% Fib retreat at $ 579. A net break above Trend-line resistance followed by a $ 597 level could trigger a reasonable increase.
The next key resistance is close to $ 600. A successful close above the $ 600 level could push the price towards $ 620 resistance in the near term.
Will There Be More drops?
If Ethereum fails to clear the trend line resistance and the $ 597, it risks falling further. Initial support is close to $ 575.
The main support is near the $ 570 level and the 100-hour simple moving average. A proper close below the $ 570 level and a 100-hour SMA could lead to a sharp drop towards the $ 550 and $ 530 levels.
The MACD for hourly MACD – ETH / USD is gradually gaining momentum in the drop zone.
For hourly RSI – ETH/USD, the RSI is currently well below the 50 level.
Main support level: $ 570
Main resistance level-US $ 600