Ethereum Price Dips Below $1,600 Support
The price of Ethereum has experienced a decline, falling below the $1,600 support level and the 100-hourly Simple Moving Average. This drop has placed Ethereum in a bearish zone and it is currently underperforming Bitcoin.
Recovery Attempt
After reaching a low of around $1,568, the price of Ethereum is now attempting to recover. It has moved above the $1,580 level and is testing the 23.6% Fibonacci retracement level. However, Ethereum is still trading below $1,620 and the 100-hourly Simple Moving Average.
Resistance Levels
If the price of Ethereum moves upwards, it may face resistance near the $1,600 level and the first trend line. The next resistance levels are at $1,610 and the second trend line, as well as the 100-hourly Simple Moving Average. Additionally, there is a trend line close to the 50% Fibonacci retracement level.
Possible Upside Potential
A close above the $1,620 resistance could lead to a price increase towards the $1,650 resistance level. The next significant barrier would be near $1,660. A close above this level might push Ethereum even higher towards $1,750.
Potential for More Losses
If Ethereum fails to surpass the $1,620 resistance level, it could experience further decline. The initial support on the downside is near $1,565, followed by a key support at $1,540. A break below this level could lead to accelerated losses and a drop towards the $1,440 level in the coming days.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bearish zone, while the RSI is below the 50 level.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Faces Resistance Below $1,620 Support
Ethereum has experienced a decline, falling below the $1,600 support and the 100-hourly Simple Moving Average. Although there is an attempt to recover, the price is still trading below $1,620. If it fails to surpass this resistance level, there could be further losses with initial support at $1,565 and a key support at $1,540. On the other hand, a close above $1,620 may lead to an increase towards $1,650 and potentially even higher. Traders should closely monitor these resistance and support levels to make informed decisions.
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