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Ethereum started a significant drop against the US dollar below the $1,600 level. ETH has even fallen below $1,500, and any rebound may now face hurdles.
<a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow">Today’s Ethereum price analysis is negative</a>, as we expect a retest of the downside. As a result, ETH/USD is likely to begin another push to break over the $1,400 local resistance level shortly.
ETH is now trading in the $1,450 range. This coin’s market cap is expected to be $176,432,860,509. This coin’s 24-hour trading volume is around $14,372,238,124.
Ethereum has stuck above the $1,660 and $1,675 resistance levels. ETH started a fresh decline and traded below the critical $1,600 support level.
It allows for a fall below the $1,550 and $1,500 support levels. The price of ether fell below $1,500 and the 100 hourly simple moving average. A low was formed near $1,421 and the price is now trying to recoup losses.
On the upside, an immediate resistance is at $1,460. The first important barrier is now forming at $1,480. It is around the 23.6% Fib retracement level of the recent drop from the swing high of $1,707 to the low of $1,421.
If ethereum fails to break through the $1,480 barrier level, it may continue to fall. On the downside, initial support is near $1,425.00.
The next major support is at $1,400, below which<a href="https://www.coingabbar.com/en/crypto-currency-news-english/antpool-announces-intentions-stop-supporting-ethereum-ethash-continue-etc-mining-2" rel="noopener noreferrer nofollow"> the price of ethereum may begin to fall</a>. In the aforementioned scenario, the price may fall to $1,320. Any more declines could push the price down below $1,250.
KEY LEVELS :
RESISTANCE LEVEL : $1500-$1570
SUPPORT LEVEL : $1400-$1340

Cryptocurrency price update: ETHEREUM PRICE ANALYSIS : Bears are dominating ETH to hit target of bearish channel line

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