ethereum price is moving towards the $1,500 support against the US Dollar. eth could correct higher, but upside could be limited above $1,565.
- ethereum is struggling to start a recovery above $1,550.
- The price is trading below $1,565 and the 100 hourly simple moving average.
- Two bearish trend lines are forming with resistance near $1,555 and $1,570 on the hourly chart of eth/USD (data via Kraken).
- The pair could correct higher, but the bears could remain active near $1,565.
ethereum price extends losses
ethereum remained in a bearish zone below the $1,580 resistance zone. eth failed to hold above the key $1,550 support and extended its decline, unlike bitcoin.
The price traded at a new weekly low of $1,521. It seems that the price is slowly declining after stabilizing below $1,600. Two bearish trend lines are also forming with resistance near $1,555 and $1,570 on the hourly chart of eth/USD.
ethereum is now trading below $1,565 and the 100 hourly simple moving average. There was a minor rise above the 23.6% Fibonacci retracement level of the recent drop from the high of $1,595 to the low of $1,521.
On the upside, the price could face resistance near the $1,555 level and the first trend line. The first major resistance is near the second trend line, $1,565 and the 100 hourly simple moving average. It is close to the 61.8% Fibonacci retracement level of the recent decline from the high of $1,595 to the low of $1,521.
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Fountain: ETHUSD on TradingView.com
A clear move above the $1,570 resistance could send the price towards the key resistance at $1,600. In the given case, Ether could rise and recover towards the resistance of $1,665. Any further gains could open the doors to a move towards $1,750.
More losses on eth?
If ethereum fails to overcome the $1,565 resistance, it could continue down. Initial support on the downside is near the $1,520 level. The next key support is $1,500.
A downside break below the $1,500 support could push the price down further. In the indicated case, the price could fall towards the $1,440 level. Any further losses could perhaps send Ether towards the $1,420 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $1,500
Main Resistance Level: $1,565
