Ethereum price is struggling to hold above the $1,550 support against the US Dollar. ETH could suffer a setback if it stabilizes below $1,550 and then $1,540.
Thank you for reading this post, don't forget to subscribe!- Ethereum is showing bearish signs and struggling to clear $1,600.
- The price is trading below $1,600 and the 100-hour simple moving average.
- There is a key bearish trend line forming with resistance near $1,600 on the hourly charts of ETH/USD (data feed via Kraken).
- The pair could start a recovery wave if the bulls defend the $1,550 support zone.
ethereum price struggle
Ethereum failed to start a recovery wave above the $1,600 resistance zone. ETH remained in the bearish zone and like Bitcoin, its decline extended to $1,550.
It looks like the bears have already tried to close below the $1,550 support zone. A new swing low was formed near $1,542 and the price is now consolidating losses. The price has bounced back above the $1,550 level, but it is still showing heavy bearish signs.
Ethereum is now trading below $1,600 and the 100-hour simple moving average. Furthermore, there is a key bearish trend line forming with resistance near $1,600 on the hourly charts of ETH/USD.
On the positive side, the price may face resistance near the $1,570 level. It is near the 23.6% Fibonacci retracement level of the downside move from the $1,664 high to $1,542 low. The first major resistance is near the trend line and $1,600 or the 100-hourly simple moving average.
Source: ETHUSD on tradingview.com
The 50% Fibonacci retracement level of the downward move from the $1,664 high to $1,542 low is also close to the trend line. The next major resistance is $1,620, above which the price may move towards the $1,665 resistance zone. A close above the $1,665 resistance level could push the price towards the key resistance at $1,750. Any more gains could open the door to a move towards $1,880.
ETH decline?
If Ethereum fails to clear the $1,600 resistance, it may continue to move lower. On the downside, the initial support is near the $1,550 level. The next major support is $1,540.
A break below the $1,540 support level could trigger another strong decline. In the mentioned case, the price may reach the $1,480 level again. Any further losses could probably take Ether to the $1,420 level.
technical indicators
hourly macd , The MACD of ETH/USD is losing momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,540
Major resistance level – $1,600
source: www.newsbtc.com
