Ethereum price failed to start fresh increase above $1,600 against the US dollar. ETH is now struggling to stay above the $1,550 support zone.
Ethereum extended its decline and tested the $1,550 support zone.
The price is trading just below $1,580 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate lower if the bulls fail to protect the $1,550 support.
Ethereum struggled to settle above $1,650 and started a fresh decline. ETH traded below the $1,620 and $1,600 support levels. There was a short consolidation phase before the price extended its decline, unlike Bitcoin.
There was a move below the $1,575 support and the price tested $1,550. A low is formed near $1,553 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD.
Ethereum is now trading just below $1,580 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,570 level and the trend line. The 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low is also just above the trend line.
The first major resistance is near the $1,600 zone or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low.
Source: ETHUSD on TradingView.com
A close above the $1,600 resistance might start a decent increase. In the stated case, Ether could rise and recover toward the $1,660 resistance. Any more gains might open the doors for a move toward $1,720.
If Ethereum fails to clear the $1,570 resistance, it could start another decline. Initial support on the downside is near the $1,550 level.
The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,480 level. Any more losses may perhaps send Ether toward the $1,420 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,550
Major Resistance Level – $1,570
[#item_full_content]NewsBTCRead MoreThe Casascius coins were designed as offline cold storage with embedded private keys, but the…
In a not-so-surprising turn of events, the bearish orientation of the Bitcoin price has continued…
Two long-dormant Casascius coins, each loaded with 1,000 Bitcoin, were activated on Friday, unlocking more…
As the gap between spot bitcoin price and the power law widens, investors are left…
Shares in the company fell more than 50% this week as the merger approval went…
The Bitcoin price has had a mixed performance over the past week, with both sides…
