Ethereum Price Analysis: ETH Sits At Key Breakout Zone
Ethereum price is struggling below the $1,700 resistance against the US Dollar.
ETH price is now trading below $1,700 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $1,660 on the 4-hour chart (data feed from Coinbase).
The pair could continue to move down if it stays below $1,660 and $1,700.
Ethereum price is declining below $1,700 against the US Dollar. ETH/USD remains at a risk of more downsides if it breaks the $1,620 support zone.
Ethereum Price Analysis
After a strong decline, Ethereum found support near the $1,540 zone against the US Dollar. ETH price formed a base and started a recovery wave above the $1,580 level.
There was a decent recovery wave above the $1,600 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,860 swing high to the $1,540 low. However, it is facing resistance below the $1,700 level.
Ether is now trading below $1,700 and the 55 simple moving average (4 hours). On the upside, the price is now facing resistance near the $1,660 level.
There is also a key bearish trend line forming with resistance near $1,660 on the 4-hour chart. The next major resistance is near the $1,700 level. The 50% Fib retracement level of the downward move from the $1,860 swing high to the $1,540 low is also near $1,700.
A clear move above the $1,700 resistance could send the price toward $1,785. Any more gains could even send the price toward the $1,820 resistance zone or even $1,850 in the near term.
On the downside, initial support is near the $1,620 level. The next major support is now near the $1,600 level. A break below the $1,600 support could push the price to $1,540. If the bulls fail to protect the $1,540 support, the price might decline toward $1,450.
Looking at the chart, Ethereum price is trading below $1,700 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,660 and $1,700.
Technical indicators
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 – $1,620, followed by the $1,600 zone.
Key Resistance$ Levels – $1,660 and $1,700.
The post Ethereum Price Analysis: ETH Sits At Key Breakout Zone appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ August 29, 2023 3:28 am