TA 2022-08-04: ETH/USDT
1. There is a major bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USDT
2. If Ethereum fails to rise above the $1,670 resistance, it could start another decline.
3. An initial support on the downside is near the $1,620 zone.
4. The next major support is near $1,560, below which there is a risk of a sharp decline.
5. In the stated case, ether price may perhaps decline towards the $1,505 support in the near term.
6. Any more losses might call for a test of the $1,450 level.
2. If Ethereum fails to rise above the $1,670 resistance, it could start another decline.
3. An initial support on the downside is near the $1,620 zone.
4. The next major support is near $1,560, below which there is a risk of a sharp decline.
5. In the stated case, ether price may perhaps decline towards the $1,505 support in the near term.
6. Any more losses might call for a test of the $1,450 level.
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