Ethereum price is struggling to recover above the ,600 resistance against the US Dollar. ETH price is now trading below ,600 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,620 the 4-hours chart (data feed from Coinbase). The pair could recover, but it is likely to face sellers near the ,600 resistance zone. Ethereum price is declining below ,600 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,550 support zone. Ethereum Price Analysis This past week, ethereum struggled to clear the ,670 resistance zone against the US Dollar. ETH price attempted a few times to clear the ,670 level but failed. A swing high was formed near ,678 and the price started a fresh
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- Ethereum price is struggling to recover above the $1,600 resistance against the US Dollar.
- ETH price is now trading below $1,600 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1,620 the 4-hours chart (data feed from Coinbase).
- The pair could recover, but it is likely to face sellers near the $1,600 resistance zone.
Ethereum price is declining below $1,600 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,550 support zone.
Ethereum Price Analysis
This past week, ethereum struggled to clear the $1,670 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,670 level but failed.
A swing high was formed near $1,678 and the price started a fresh decline. There was a drop below the $1,620 and $1,600 support levels. The pair even spiked below the $1,550 support. A low is formed near $1,547 and the price is now consolidating losses.
It is now trading below $1,600 and the 55 simple moving average (4-hours). On the upside, the price is now facing resistance near the $1,580 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,678 swing high to $1,547 low.
The next major resistance is near the $1,600 level. The next major resistance is near the $1,620 zone or the 50% Fib retracement level of the recent decline from the $1,678 swing high to $1,547 low.
A clear move above the $1,600 and $1,620 resistance levels might call for a fresh move to $1,670. Any more gains could even send the price towards the $1,740 resistance zone or even $1,800 in the near term.
On the downside, an initial support is near the $1,550 level. The next major support is now near the $1,500 level. A break below the $1,500 support could push the price to $1,420. If the bulls fail to protect the $1,420 support, the price might decline towards $1,350.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below $1,600 and the 55 simple moving average (4-hours). Overall, ether price could recover, but it is likely to face sellers near the $1,600 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,550, followed by the $1,500 zone.
Key Resistance$ Levels – $1,600 and $1,620.