Ethereum Price Analysis: ETH Could Struggle To Recover
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.
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.
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.
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