Ethereum Price Dips Again—Time to Panic or Opportunity to Buy?
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Ethereum price started a fresh decline from the $1,690 zone. ETH is now consolidating and might decline further below the $1,580 support zone.
Ethereum started a fresh decline after it failed to clear $1,700 and $1,720.
The price is trading below $1,620 and the 100-hourly Simple Moving Average.
There was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,640 resistance zone.
Ethereum Price Faces Rejection
Ethereum price formed a base above $1,550 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,600 and $1,620 resistance levels.
The bulls even pumped the price above the $1,650 zone. A high was formed at $1,690 and the price recently corrected gains. There was a move below the $1,640 support zone. Besides, there was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD.
The price tested the 50% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high. Ethereum price is now trading below $1,625 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $1,620 level. The next key resistance is near the $1,640 level. The first major resistance is near the $1,650 level. A clear move above the $1,650 resistance might send the price toward the $1,690 resistance.
An upside break above the $1,690 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $1,640 resistance, it could start another decline. Initial support on the downside is near the $1,580 level. The first major support sits near the $1,555 zone and the 61.8% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high.
A clear move below the $1,555 support might push the price toward the $1,525 support. Any more losses might send the price toward the $1,450 support level in the near term. The next key support sits at $1,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,580
Major Resistance Level – $1,640
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
