ethereum price is attempting a recovery wave from $1,565 against the US Dollar. eth could struggle to recover above $1,600 and could resume its decline.
- ethereum is slowly moving towards the $1,600 resistance zone.
- The price is trading below $1,600 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance near $1,595 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new decline if it fails to overcome the $1,600 resistance zone.
ethereum Price Struggles Below $1,600
ethereum price started a new decline below the $1,620 and $1,600 levels. eth even fell to a new weekly low below the $1,580 level, unlike bitcoin.
It traded as low as $1,565 and recently began a short-term bullish correction. There was a move above the $1,580 level. The price rose above the 50% Fibonacci retracement level of the recent decline from the high of $1,600 to the low of $1,565.
However, the bears are still active near the $1,600 resistance. The price is struggling to overcome the 76.4% Fibonacci retracement level of the recent drop from the high of $1,600 to the low of $1,565.
Ether is now trading below $1,600 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,595 on the hourly chart of eth/USD. On the upside, the price could face resistance near the $1,595 level.
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Fountain: ETHUSD on TradingView.com
The next major resistance is $1,600. A push above $1,600 could send ethereum towards $1,620. If the bulls manage to clear the $1,620 hurdle, the price could start a decent rise towards the $1,650 resistance. Any further gains could open the doors to a move towards $1,700.
More losses on eth?
If ethereum fails to overcome the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,580 level.
The next key support is $1,565, below which the price could test the support at $1,540. A downside break below $1,540 could push the price further into a bearish zone. In the indicated case, there could be a drop towards the $1,500 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,565
Main resistance level: $1,600
