cryptocurrency

Ethereum Price Analysis: ETH recovery faces hurdles

  • Ethereum price started a new decline from the $1700 area against the US Dollar.
  • ETH price is now trading below $1600 and 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $1,570 on the 4-hour chart (data feed from Coinbase).
  • The pair could start a new high unless there is a clear move below the $1.420 area.

Ethereum price is struggling below $1600 against the US dollar. ETH/USD remains at risk of further losses if there is a break below the $1,420 area.

Ethereum price analysis

Last week, Ethereum faced rejection near the $1,700 region against the US Dollar. ETH price failed to gain traction and started a new decline below the $1600 level.

There was a clear move below the $1,550 and $1,500 support levels. The pair accelerated lower below the $1500 level and the 55 simple moving average (4-hours). It traded as low as $1420 and recently started an upward correction.

There was a clear move above the $1500 resistance area. The price rose above the 23.6% Fib retracement level of the downside move from the $1,722 swing high to $1,420 low.

The price is now consolidating losses above the $1500 level. There is immediate resistance near the $1,570 level and the 55 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downside move from the $1,722 high to $1,420 low.

The next major resistance is near the $1,600 region, above which the price could test $1,650. Any further gains could send the price above the $1,720 resistance area.

On the downside, initial support is near the $1,505 level. The next major support is now near the $1,420 level. A break below the $1,420 support could push the price to $1,350. Any further losses could push the price towards $1,250 or even $1,200 in the coming days.

Ethereum price

look at me ScheduleEthereum price is clearly trading below the $1600 area and the 55 simple moving average (4-hours). In general, the price of Ether could start a new increase unless there is a clear move below the $1420 area.

Technical Indicators

4-hour MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key support levels – $1,505, followed by the $1,420 area.

The key resistance levels in the dollar are $1570 and $1600.

Tags: ETH, Ethereum

#Ethereum #Price #Analysis #ETH #recovery #faces #hurdles

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button