Ethereum Struggles to Break $1,600 Resistance
Ethereum is facing challenges in its attempt to surpass the $1,600 and $1,620 levels. The cryptocurrency is currently trading below $1,600 and the 100-hourly Simple Moving Average (SMA).
On the hourly chart of ETH/USD, there is a notable bearish trend line forming with resistance near $1,600. Despite an upside correction from the $1,530 level and a climb above the $1,600 resistance, Ether failed to clear the 61.8% Fibonacci retracement level.
At present, Ethereum is below the $1,600 resistance and the 100-hourly SMA. If it does not close above $1,620, the cryptocurrency could experience another decline. On the upside, it may face resistance near $1,595 and $1,620. However, a close above $1,620 could push the price towards the $1,670 resistance.
Source: ETHUSD on TradingView.com
Possible Drop in ETH Price?
If Ethereum fails to break the $1,600 resistance, it could potentially undergo another decline. The initial support on the downside is around $1,565, followed by a key support level at $1,550.
If the price breaks below $1,530, it could further decrease and reach the $1,500 zone. In this scenario, the price might even decline towards the $1,440 level in the near future.
Technical indicators show that the MACD for ETH/USD is slowly gaining bearish momentum, while the RSI is now below the 50 level.
Major support for Ethereum is at $1,550, and the major resistance level is at $1,620.
Hot Take: Ethereum Faces Resistance at $1,600, Could See Further Decline
Ethereum is struggling to break the key resistance level at $1,600, facing significant bearish pressure. The failure to surpass this level might result in another decline for the cryptocurrency. Currently trading below the 100-hourly SMA, Ethereum needs to close above $1,620 to gain momentum. However, if it continues to trade below $1,600, the price could drop towards the $1,500 zone. Technical indicators indicate bearish momentum, with the MACD and RSI showing negative signs. Traders should closely monitor the $1,600 resistance level for potential breakout or reversal opportunities.
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