Ethereum price is struggling to stay above the ,600 support against the US Dollar. ETH price is now trading below ,650 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near ,660 on the 4-hours chart (data feed from Coinbase). The pair could climb again if it stays above the ,580 support zone. Ethereum price is consolidating above the ,580 level against the US Dollar. ETH/USD could rise further if it clears the ,660 resistance zone. Ethereum Price Analysis In the past few days, ethereum saw a downside correction from the ,740 zone against the US Dollar. ETH price declined below the ,700 level and the 55 simple moving average (4-hours). The bears even pushed the price below the ,650 level. There was
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- Ethereum price is struggling to stay above the $1,600 support against the US Dollar.
- ETH price is now trading below $1,650 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1,660 on the 4-hours chart (data feed from Coinbase).
- The pair could climb again if it stays above the $1,580 support zone.
Ethereum price is consolidating above the $1,580 level against the US Dollar. ETH/USD could rise further if it clears the $1,660 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a downside correction from the $1,740 zone against the US Dollar. ETH price declined below the $1,700 level and the 55 simple moving average (4-hours).
The bears even pushed the price below the $1,650 level. There was a clear move below the 50% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high. The price even spiked below the $1,600 support zone.
It is now trading below $1,650 and the 55 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $1,660 on the 4-hours chart.
An immediate resistance on the upside is near the $1,650 level. The next major resistance is near the $1,660 zone and the trend line. A clear move above the $1,660 level could send the price towards $1,700. Any more gains could even send the price towards the $1,750 resistance zone or $1,800 in the near term.
On the downside, an initial support is near the $1,600 level. The next major support is now near the $1,570 level or the 61.8% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high.
A break below the $1,570 support could push the price to $1,500. Any more losses could lead the price towards $1,420 or even $1,400 in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below the $1,660 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,580 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,600, followed by the $1,570 zone.
Key Resistance$ Levels – $1,660 and $1,740.