fxs_header_sponsor_anchor

Ethereum Price Prediction: ETH on the cusp of further losses, $1,500 probes sellers

  • ETH/USD bounces off 50-day SMA, keeps trend line breakdown amid bearish MACD.
  • Descending RSI exerts additional downside pressure, bears await confirmation.
  • Multiple upside hurdles around $1,720 stand tall to test recovery moves.

Having conquered a two-month-old support line, now resistance, Ethererum bears are catching breather around $1,520 during the early Friday’s trading. In doing so, the ETH/USD pair bounces off 50-day SMA.

Even so, bearish MACD and downward sloping RSI line favor the sellers targeting $1,200. Though, a sustained break below the 50-day SMA level of $1,495 becomes necessary for the ETH/USD sellers.

In a case where the altcoin fall extends below $1,200, the late January lows near $1,040 and the $1,000 psychological magnet will be the key to watch.

Meanwhile, corrective pullback beyond the previous support line, at $1,590 now, will have to cross a horizontal area comprising multiple levels marked since February 05, near $1,710, to recall the ETH/USD buyers.

Following that the mid-month high around $1,880 and the $2,000 round-figure can off intermediate halts before directing the bulls to the record top of $2,041.

ETH/USD daily chart

Trend: Further weakness expected

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.