TA: Why Ethereum Below $1,650 Could Accelerate Decline To $1,500

TA: Why Ethereum Below $1,650 Could Accelerate Decline To $1,500
HeadlinesNewsTA: Why Ethereum Below $1,650 Could Accelerate Decline To $1,500

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TA: Why Ethereum Below $1,650 Could Accelerate Decline To $1,500

NewsBTC3 days ago
Published on February 23, 2021 05:18 GMT+0edited on February 23, 2021 06:01 GMT+0

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Ethereum started a sharp decline below $1,850 against the US Dollar. ETH price spiked towards $1,500 and it is currently struggling to stay above $1,650.

  • Ethereum declined heavily after it broke the $1,850 and $1,750 support levels.
  • The price is now trading well below $1,800 and the 100 hourly simple moving average.
  • There was a break below a crucial bullish trend line with support near $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it fails to stay above the $1,650 support.

Ethereum Price is Showing Bearish Signs

Ethereum started a strong decline after it failed to stay above $2,000. ETH broke many important supports near $1,850 and $1,800 to move into a short-term bearish zone, similar to bitcoin.

There was also a break below a …