Ethereum Price Grinds Lower And It’s Vulnerable to a Drop Below $1,500

Ethereum value struggled to clear $1,660 and reacted to the draw back towards the US greenback. ETH stays susceptible to extra losses if it breaks the $1,550 assist.

• Ethereum resumed its decline and retested the $1,550 assist.
• The worth is buying and selling beneath $1,600 and the 100-hourly Easy Shifting Common.
• There’s a key bearish development line forming with resistance close to $1,610 on the hourly chart of ETH/USD (knowledge feed through Kraken).
• The pair may speed up decrease if there’s a shut beneath the $1,550 assist zone.

Ethereum Worth Dives Once more

Ethereum did not settle above the $1,665 resistance zone. ETH began a recent decline from the $1,665 resistance zone and dived beneath the $1,650 degree.

The bears pushed the worth beneath the $1,600 degree and the 100-hourly Easy Shifting Common. Ether retested the $1,550 assist. A low was fashioned close to $1,549 and the worth is now trying a restoration wave. There was a transfer above the 23.6% Fib retracement degree of the current decline from the $1,664 swing excessive to the $1,549 low.

Ethereum is now buying and selling beneath $1,600 and the 100-hourly Easy Shifting Common. There may be additionally a key bearish development line forming with resistance close to $1,610 on the hourly chart of ETH/USD.

On the upside, the worth would possibly face resistance close to the $1,600 degree. The primary main resistance is close to the development line and $1,610. It’s near the 50% Fib retracement degree of the current decline from the $1,664 swing excessive to the $1,549 low.

Supply: ETHUSD on TradingView.com

The following main resistance is $1,620 or the 100-hourly Easy Shifting Common, above which the worth may rise towards the $1,665 resistance zone. A detailed above the $1,665 resistance would possibly ship the worth towards the important thing resistance at $1,750. The following key resistance is likely to be $1,820. Any extra positive aspects would possibly open the doorways for a transfer towards $1,880.

Draw back Break in ETH?

If Ethereum fails to clear the $1,600 resistance, it may proceed to maneuver down. Preliminary assist on the draw back is close to the $1,565 degree. The following key assist is $1,550.

A draw back break beneath the $1,550 assist would possibly begin one other robust decline. Within the said case, the worth may revisit the $1,465 degree. Any extra losses could maybe ship Ether towards the $1,420 degree.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 degree.

Main Assist Degree – $1,550

Main Resistance Degree – $1,620