TA: Ethereum Bears Aim Big After Recent Breakdown Below $1,600

Ethereum declined heavily below the $1,750 support against the US Dollar. ETH is showing bearish signs and remains at a risk of more losses below $1,550. Ethereum started a fresh decline and traded below the $1,600 level. The price is now trading below $1,650 and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $1,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $1,700 resistance zone. Ethereum Price Turns Bearish Ethereum started a major decline below the $1,700 level. ETH traded below the $1,650 support zone to move further into a bearish zone. It opened the doors for a move below the $1,600 level. Finally, the price traded as low as $1,524 before the bulls appeared. It started an upside correction and traded above the $1,580 level. There was a break above a connecting bearish trend line with resistance near $1,580 on the hourly chart of ETH/USD. Ether price climbed above the 23.6% Fib retracement level of the key decline from the $1,878 swing high to $1,524 low. However, the bears were active near the $1,650 zone. The price is now trading below $1,650 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,625 level. The first major resistance is now forming near the $1,650 level. The next major resistance is near the $1,700 level and the 100 hourly sim...