Ethereum price is moving lower from the ,700 resistance against the US Dollar. ETH price is now trading below ,600 and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near ,600 on the 4-hours chart (data feed from Coinbase). The pair could recover, but it is likely to face sellers near the ,580 resistance zone. Ethereum price is declining below ,600 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,450 support zone. Ethereum Price Analysis This past week, ethereum struggled to clear the ,700 resistance zone against the US Dollar. ETH price attempted a few times to clear the ,700 level but failed. A swing high was formed near ,699 and the price started a fresh decline.
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- Ethereum price is moving lower from the $1,700 resistance against the US Dollar.
- ETH price is now trading below $1,600 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $1,600 on the 4-hours chart (data feed from Coinbase).
- The pair could recover, but it is likely to face sellers near the $1,580 resistance zone.
Ethereum price is declining below $1,600 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,450 support zone.
Ethereum Price Analysis
This past week, ethereum struggled to clear the $1,700 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,700 level but failed.
A swing high was formed near $1,699 and the price started a fresh decline. There was a drop below the $1,620 and $1,600 support levels. Besides, there was a break below a key bullish trend line with support near $1,600 on the 4-hours chart.
The pair even declined below the $1,550 support. A low is formed near $1,462 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 $1,520 level. It is near the 23.6% Fib retracement level of the main drop from the $1,699 swing high to $1,462 low. The next major resistance is near the $1,540 level, above which the price might rise steadily.
The next major resistance is near the $1,580 zone or the 50% Fib retracement level of the main drop from the $1,699 swing high to $1,462 low. The main resistance is near the $1,600 zone.
A clear move above the $1,600 and $1,610 resistance levels might call for a fresh move to $1,700. Any more gains could even send the price towards the $1,780 resistance zone or even $1,840 in the near term.
On the downside, an initial support is near the $1,460 level. The next major support is now near the $1,440 level. A break below the $1,440 support could push the price to $1,320. If the bulls fail to protect the $1,320 support, the price might decline towards $1,200.
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 $1,580 resistance 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 below the 50 level.
Key Support Levels – $1,460, followed by the $1,440 zone.
Key Resistance$ Levels – $1,580 and $1,600.