Why Ethereum Below $550 Suggests A Bigger Decline Towards $500-520

News • 2020/12/14 • 通过

Ethereum was unable to meet the major $580 resistance against the US Dollar. ETH values are falling and bearish indications are below the $560 and $550 rate.

Ethereum got as high as the $577 level and started to decrease dramatically below $565.

The price is showing bearish signs below the $550 zone and the 100 hourly simple moving average

There are two key bearish trend lines forming with resistance near $560 and $575 on the hourly chart of ETH/USD (data feed via Kraken).

The pair remains at a risk of a sharp decline below the $540 and $530 levels in the near term.

Ethereum Price is Slowly Declining

There was an unsuccessful attempt by Ethereum to clear the $580 resistance zone. The ETH market traded as big as $577 and has recently begun a fresh downturn.

There was a fall below the $565 pivot mark to spark a fresh downward trend.

Bitcoin's price also fell below the $18,000 support and the ripple dropped below $0.565. Ether price broke the support level of $550.

There was a strong break below the 50 percent Fib retracement stage of the upward change from the $530 low to $577 high swing.

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The stock displays bearish signals below the $550 zone and a 100-hour simple moving average.

The initial funding is similar to the $540 mark. It's near to the 76.4 percent Fib retracement stage of the upward movement from the $530 low to $577 high swing.

On the upside, the bulls face a lot of challenges, beginning with $555. There are also two main bearish trend lines establishing a resistance of around $560 and $575 on the hourly ETH/USD map.

In order to step into a positive position, the ether must build traction beyond $560, and then break the bearish trend line. The key resistance is already close to the $580 zone.

More Losses in ETH?

If ethereum fails to clear the $555 and $560 resistance levels, it could continue to move down. An initial support zone is forming near the $540 level.

The next major support is near the $530 swing low, below which there is a risk of a larger decline. In the stated case, the price could even break the $520 support and revisit $500.