Ethereum Struggles to Recover Above $1,550
Ethereum is facing challenges in starting a recovery above the $1,550 mark. The price of ETH is currently trading below both $1,565 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, two bearish trend lines are forming with resistance levels at around $1,555 and $1,570.
Ethereum Price Extends Losses
Unlike Bitcoin, Ethereum remains in a bearish zone below the $1,580 resistance level. It failed to hold above the crucial support at $1,550 and continued its decline. The price reached a new weekly low at $1,521 and appears to be gradually decreasing after settling below $1,600. Additionally, there are two bearish trend lines on the hourly chart of ETH/USD with resistance levels near $1,555 and $1,570.
Ethereum is currently trading below $1,565 and the 100-hourly Simple Moving Average. There was a minor increase above the 23.6% Fib retracement level from the recent decline between the $1,595 swing high and the $1,521 low.
On the upside, the price may encounter resistance near the first trend line at around $1,555. The primary resistance level lies near the second trend line at $1,565 and coincides with the 100-hourly Simple Moving Average. This level is also close to the 61.8% Fib retracement level from the recent decline.
A clear breakthrough above the $1,570 resistance could push the price towards a key resistance at $1,600. If this occurs, Ether may rise and recover towards the $1,665 resistance level. Further gains could potentially open the doors for a move towards $1,750.
More Losses in ETH?
If Ethereum fails to surpass the $1,565 resistance level, it is likely to continue moving downwards. The initial support on the downside is near $1,520, followed by a key support level at $1,500.
A downside break below the $1,500 support could lead to further losses. In this scenario, the price may drop towards the $1,440 level and potentially even reach the $1,420 level.
Technical Indicators
The hourly MACD for ETH/USD is gaining momentum in the bearish zone. Additionally, the hourly RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,500
Major Resistance Level: $1,565
Hot Take: Ethereum Struggles to Recover Amidst Bearish Trend
Ethereum continues to face challenges as it struggles to initiate a recovery above the $1,550 mark. The price remains below key resistance levels and is trading below the 100-hourly Simple Moving Average. With two bearish trend lines forming, there is significant resistance near $1,555 and $1,570. If Ethereum fails to overcome these obstacles, it could experience further losses and potentially drop towards key support levels at $1,520 and $1,500. Traders should closely monitor these levels and be cautious of potential downward movements in ETH.
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