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Strong decline in Ethereum, $ 1.500 is the new support

Ethereum it was unable to stay above $ 1.650 and has extended its losses even in the last few hours, opening up rather strong bearish scenarios that could even lead it to retest $ 1.500.

In fact, we recall how Ethereum failed to stay above the $ 1.700 level and started a decisive downward correction from here. ETH then moved below the $ 1.660 and $ 1.650 support levels to enter a short-term bearish zone.

The price of Ether is now trading below $ 1.650 and the 100-hour simple moving average, but technical indicators show that the price could continue to decline, with immediate support at $ 1.570. Immediate upside resistance is found near the $ 1.600 level and the broken channel support zone. The first major resistance is near the $ 1.665 zone and the 100-hour simple moving average. The main resistance is forming near the $ 1.680 zone.

A clear move above the $ 1.680 level could even push the price to $ 1.720. If so, the price could rise towards the $ 1.750 or even $ 1.780 resistance zone.

However, the central scenario appears to be bearish, so much so that if Ethereum fails to break out of the $ 1.680 resistance, it could continue to decline. A first bearish support is found near the $ 1.570 zone.

However, analysts look to the following supports: the next important support is in fact near $ 1.520, below which there is the risk of a sharp decline. In this case, the ether price could drop towards the $ 1.400 support in the near term.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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