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ETH Could Drop Further If It Breaks Key Support Level: Analysis

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ETH could drop further if it breaks another key support level as it managed to break the $1710 support against the US dollar. The price is likely to go lower below the $1660 and the $1650 support levels as we can see more in our latest Ethereum news today.

There’s a major bearish trend line forming with the resistance near the $1765 on the charts of the pair but if the pair corrects higher, the previous support at $1750 could prevent gains. ETH failed to clear the $1850 resistance zone and started a fresh decline which is similar to BTC. ETH also broke the $1750 support zone and moved into the bearish zone. The price cleared the $1710 support level and settled below the 100 hourly simple moving average while breaking the $1680 level and trading below. It is now trying to correct higher and trades above the $1680 level.

ETHUSD
Source ETHUSD on TradingView.com

Ethereum corrected above the 23.6% fib retracement level from the decline at $1808 high to $1657 low but on the upside, the first major resistance got near the $1710 level. The next key resistance is close to the $1730 level with the 50% fib retracement level is also close to $1730 from the previous $1657 low. The main resistance is forming near the $1750 zone and if the price breaks these levels, it could start a decent increase towards $1850. The intermediate resistance could be close to the $1780 level or the 100 hourly simple moving average.

If ETH fails to climb above these resistances, it will continue moving down and at an initial support at $1665. ETH could drop further if it doesn’t break these major points but the clear downside break below the $1650 support could even push it lower. More losses will likely push the price towards $1550 support in the coming days.

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ETHUSD
Source ETHUSD on TradingView.com

As we reported recently, Ethereum was holding the key $1750 level and the $1710 support levels with the price trading below the $1800 and the 100 hourly simple moving average and the new connecting bearish trend line forming with the resistance at the $1795 on the hourly chart of the ETH/USD which will prepare a stronger move with $1710 as a pivot zone. ETH made another attempt to gain more strength above $1850 but then failed just like BTC at $60K with a new high forming near $1865 before there was a sharp decline

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