Ethereum price failed to recover above $1,620 and dropped below $1,500. ETH is now consolidating losses and might face resistance near the $1,520 zone.
- Ethereum failed to stay above the $1,600 and $1,550 levels.
- The price is trading below $1,550 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $1,520 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at risk of more losses if it fails to clear the $1,410 resistance zone.
Ethereum Price Recovery Fades
Ethereum price failed to stay above the $1,620 support zone and extended losses, similarly to Bitcoin. ETH declined heavily below the $1,550 and $1,520 levels.
The bears even pushed the price below the $1,450 level. A low was formed at $1,384 and the price recently corrected some losses. There was a move above the $1,410 level and a climb above the 23.6% Fibonacci retracement level of the downward move from the $1,617 swing high to the $1,384 low.
However, the bears remain active near the $1,450 zone. Ethereum price is now trading below $1,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,475 level.
The next key resistance is near the $1,500 level or the 50% Fibonacci retracement level of the downward move from the $1,617 swing high to the $1,384 low. The first major resistance is near the $1,520 level, where a connecting bearish trend line is forming on the hourly chart of ETH/USD.
A clear move above the $1,520 resistance might drive the price toward the $1,560 resistance. Should there be an upside break above the $1,560 resistance, Ether could gain further momentum, potentially rising towards the $1,620 resistance zone or even $1,650 in the near term.
Another Decline In ETH?
If Ethereum fails to overcome the $1,520 resistance, it could initiate another decline. Initial support on the downside is near the $1,410 level, with the first major support around the $1,385 zone.
A clear move below the $1,385 support could see the price drop toward the $1,320 support. Any further losses might push the price down to the $1,240 support level in the near term, with the next crucial support found at $1,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD indicates increasing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 mark.
Major Support Level – $1,410
Major Resistance Level – $1,520
