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Ethereum Becomes Vulnerable

Ethereum faced with an increase in sales and dropped sharply against the US Dollar to $550. The ETH price is higher, but the upsides are likely to remain capped at around $595 and $600.

A major fall below $0.4000 and $0.3000 was seen by Ripple, resulting in bearish moves below $23,000 and $600 in bitcoin and Ethereum. The price of ETH dropped sharply below the support levels of $600, $595 and $580.

The fall was such that the market also spiked below the $565 support rate and settled well below the basic moving average of 100 hourly. It checked the rate of $550 support and recently began an upside correction.

Above the $565 and $570 rates, there was a break. In the latest fall from the $539 high to $550 swing low, Ether’s price also recovered above the 23.6 percent Fib retracement mark. The price, however, is now facing several challenges in the range of $590, $592 and $595. On the hourly chart of ETH/USD, there is also a main bearish trend line developing with resistance around $592. The trend line is close to the latest drop in the 50 percent Fib retracement range from the $539 peak to the $550 swing low.

A strong break over the resistance level of $595 and $600 could open the doors to more upsides. Near the $620 level and the 100 hourly simple moving average is the next major resistance.

If ethereum fails to reach the resistance rates of $595 and $600, a fresh decline could begin. The initial downside support is close to the $570 mark. Near the $565 mark is the first main support. The primary support is already above the level of $550, below which there is a possibility of a sudden fall. The price is likely to revisit the $520 support zone in the indicated case.

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SourceNews BTC

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