Ethereum Price Struggles to Rebound—Key Hurdles In The Way
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Ethereum price started a fresh decline below the $1,650 zone. ETH is now consolidating and might decline further below the $1,550 support zone.
Ethereum started a fresh decline below the $1,650 and $1,620 levels.
The price is trading below $1,600 and the 100-hourly Simple Moving Average.
There is a new connecting bearish trend line forming with resistance at $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,655 resistance zone.
Ethereum Price Faces Resistance
Ethereum price struggled to continue higher above $1,700 and started a fresh decline, like Bitcoin. ETH declined below the $1,620 and $1,600 support levels. It even spiked below $1,550.
A low was formed at $1,538 and the price is now correcting some losses. There was a move above the $1,565 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low.
Ethereum price is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level. There is also a new connecting bearish trend line forming with resistance at $1,600 on the hourly chart of ETH/USD.
The next key resistance is near the $1,615 level or the 50% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low. 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.
Another Decline In ETH?
If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,560 level. The first major support sits near the $1,535 zone.
A clear move below the $1,535 support might push the price toward the $1,500 support. Any more losses might send the price toward the $1,420 support level in the near term. The next key support sits at $1,400.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,535
Major Resistance Level – $1,650
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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.
