Ethereum Struggles to Break $1,600 Resistance
The price of Ethereum is gradually increasing and approaching the $1,600 resistance zone. However, it is currently trading below $1,600 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance near $1,595.
Ethereum Price Declines Below $1,600
Ethereum’s price recently experienced a decline below the $1,620 and $1,600 levels. Unlike Bitcoin, it even dropped to a new weekly low below $1,580. However, there has been a short-term upside correction as the price climbed above the $1,580 level.
But the bears are still active near the $1,600 resistance level. The price is struggling to surpass the 76.4% Fib retracement level of the recent drop. Additionally, Ethereum is currently trading below both $1,600 and the 100-hourly SMA.
Potential for More Losses in ETH
If Ethereum fails to break through the $1,600 resistance level, it may experience another decline. The initial support on the downside is around $1,580. The next key support level is at $1,565.
If the price continues to fall below $1,565, it could test the $1,540 support level. A break below this level might push Ethereum further into a bearish zone with a potential drop towards $1,500.
Technical Indicators
The MACD for ETH/USD indicates a loss of momentum in the bearish zone. On the other hand, the RSI for ETH/USD is currently above the 50 level.
Overall, Ethereum is facing resistance at $1,600 and needs to break through this level in order to start a decent increase. Failure to do so could result in further losses for the cryptocurrency.
Hot Take: Ethereum Struggles to Surpass $1,600 Resistance
Ethereum’s price is currently facing challenges as it tries to surpass the $1,600 resistance level. Despite a short-term upside correction, the bears remain active and the price is struggling to break through key levels. If Ethereum fails to clear this resistance zone, it could lead to another decline with potential support levels at $1,580 and $1,565. Technical indicators show a loss of momentum in the bearish zone but an RSI above 50. The next major move for Ethereum will depend on its ability to surpass the $1,600 resistance level.
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