Ethereum price is moving lower below $1,580 against the US Dollar. ETH could attempt a recovery wave if there is a break above the 100 hourly SMA and $1,600.
- Ethereum is struggling to clear the $1,560 and $1,580 resistance levels.
- The price is trading below $1,580 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher if there is a move above the $1,580 resistance zone.
Ethereum Price Faces Hurdles
Ethereum price attempted a fresh increase above the $1,580 and $1,600 resistance levels. However, ETH failed to gain pace above the $1,580 level and the 100 hourly simple moving average, similar to bitcoin.
A high was formed near $1,583 and the price saw a fresh bearish reaction. There was a sharp move below the $1,550 and $1,540 levels. A low is formed near $1,529 and the price is now attempting another recovery wave. There was a move above the 50% Fib retracement level of the downward move from the $1,583 swing high to $1,529 low.
Ether price is now trading below $1,580 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,560 zone. There is also a key bearish trend line forming with resistance near $1,560 on the hourly chart of ETH/USD.
The first major resistance is near the $1,570 zone. It is near the 76.4% Fib retracement level of the downward move from the $1,583 swing high to $1,529 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,580 level, above which the price might start a decent increase. The next major resistance is near the $1,600 zone. A close above the $1,600 resistance zone might start a fresh rally. In this case, the price may perhaps rise towards the $1,700 level.
More Losses in ETH?
If ethereum fails to clear the $1,580 resistance, it could start another decline. An initial support on the downside is near the $1,540 level.
The next major support is near the $1,520 zone. If there is a break below $1,520, the price might drop towards $1,465. Any more losses might call for a test of the $1,420 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,520
Major Resistance Level – $1,580