Ethereum Price Faces Uphill Task and Could Restart Decline To $1,500
Ethereum price is attempting a recovery wave above $1,580 against the US Dollar. ETH is struggling to clear $1,620 and might start another decline.
Ethereum is struggling to gain pace for a move above $1,600 and $1,620.
The price is trading below $1,600 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline unless there is a close above $1,620.
Ethereum Price Struggles Above $1,600
Ethereum’s price started an upside correction from the $1,530 level. ETH managed to recover above the $1,560 and $1,580 resistance levels, like Bitcoin.
The bulls even pushed the price above the 50% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. The price climbed above the $1,600 resistance level and the 100-hourly Simple Moving Average. However, the bears took a stand near the key resistance at $1,620.
Ether failed to clear the 61.8% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. There is also a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD.
Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,595 level or the trend line. The next resistance is near the $1,620 level. A close above the $1,620 resistance might send the price toward the $1,670 resistance.
Source: ETHUSD on TradingView.com
The next major hurdle is near the $1,720 level. A close above the $1,720 level might send Ethereum further higher toward $1,800.
Another Drop in ETH?
If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,565 level.
The first key support is close to $1,550. The next key support is $1,530. A downside break below $1,530 might push the price further lower toward the $1,500 zone. In the stated case, the price could even decline toward the $1,440 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,550
Major Resistance Level – $1,620
Filed under: Bitcoin - @ September 13, 2023 4:18 am