ethereum price struggled to break above $1,660 and reacted lower against the US dollar. eth remains at risk of further losses if it breaks the $1,550 support.
- ethereum resumed its decline and retested the $1,550 support.
- The price is trading below $1,600 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $1,610 on the hourly chart of eth/USD (data via Kraken).
- The pair could accelerate lower if it closes below the $1,550 support zone.
ethereum price falls again
ethereum failed to settle above the $1,665 resistance zone. eth started a fresh decline from the $1,665 resistance zone and fell below the $1,650 level.
The bears pushed the price below the $1,600 level and the 100 hourly simple moving average. Ether retested the $1,550 support. A low was formed near $1,549 and the price is now attempting a recovery wave. There was a move above the 23.6% Fibonacci retracement level of the recent decline from the high of $1,664 to the low of $1,549.
ethereum is now trading below $1,600 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,610 on the hourly chart of eth/USD.
On the upside, the price could face resistance near the $1,600 level. The first major resistance is near the trend line and at $1,610. It is close to the 50% Fibonacci retracement level of the recent drop from the high of $1,664 to the low of $1,549.
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Fountain: ETHUSD on TradingView.com
The next major resistance is $1,620 or the 100-hour simple moving average, above which the price could rise towards the $1,665 resistance zone. A close above the $1,665 resistance could send the price towards the key resistance at $1,750. The next key resistance could be $1,820. Any further gains could open the doors to a move towards $1,880.
Downside breakout in eth?
If ethereum fails to overcome the $1,600 resistance, it could continue down. Initial support on the downside is near the $1,565 level. The next key support is $1,550.
A downside break below the $1,550 support could start another sharp decline. In the indicated case, the price could revisit the $1,465 level. Any further losses could perhaps send Ether towards the $1,420 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 below the 50 level.
Main Support Level: $1,550
Main Resistance Level: $1,620
