Ethereum Bears Take Control as Price Breaks Down
The price of Ethereum has experienced a bearish trend, falling below key support levels at $1,580 and $1,550. As a result, the price is currently trading below $1,600 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a crucial bearish trend line is forming, indicating resistance near $1,605. Although there is a possibility of a corrective upward movement, it is expected that the bears will remain active near the $1,600 and $1,620 levels. Ethereum failed to settle above the $1,620 pivot level and began a fresh decline, similar to Bitcoin.
Ethereum Faces Resistance as it Attempts to Rebound
After falling below the $1,550 level, Ethereum retested the $1,530 zone and has since started to correct its losses. The price climbed above the 23.6% Fib retracement level but is still trading below $1,600 and the 100-hourly Simple Moving Average. A resistance zone is forming near the $1,600 level and the 50% Fib retracement level. The next resistance is expected to be near the $1,605 level or the trend line. If Ethereum fails to clear this resistance, it could experience another decline. The initial support on the downside is near $1,550, with major support at $1,530 and $1,500.
Technical Indicators Suggest a Bearish Trend for Ethereum
The MACD for ETH/USD is slowly losing momentum in the bearish zone, while the hourly RSI is now below the 50 level. If the price continues to decline, it could drop further towards the $1,440 level. On the other hand, if Ethereum manages to break above the $1,620 resistance, it could rise towards the $1,650 and $1,670 levels.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum’s Bearish Trend Persists, Resistance at $1,600
Ethereum continues to face bearish pressure as it falls below key support levels and is trading below the 100-hourly Simple Moving Average. With a bearish trend line forming and resistance near $1,605, it is expected that the bears will remain active near the $1,600 and $1,620 levels. Although there is a possibility of a corrective upward movement, Ethereum faces resistance at the $1,600 level and the 50% Fib retracement level. If it fails to clear this resistance, the price could experience another decline with initial support at $1,550. Technical indicators suggest a bearish trend, with the MACD losing momentum in the bearish zone and the RSI below the 50 level.
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