- 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.
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.
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.
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