Critical Price Level in Ethereum Will Determine the Direction! October 13 Current ETH Analysis

• Ethereum remained in the bearish zone below the $1,580 resistance area. ETH failed to stay above the crucial $1,550 support.
• The price formed a new weekly low at $1,521. After settling below the $1,600 level, it appears to be moving slowly downward.
• Clearly breaking the $1,570 resistance could send the price towards the critical $1,600 resistance. In this case, Ether could rise and recover towards the $1,665 resistance.

Ethereum has recently experienced significant downside pressure: What will happen next? Current analysis of the ETH coin price!

Struggling to Hold Ethereum Support

Ethereum remained in the bearish zone below the $1,580 resistance area. ETH failed to stay above the crucial $1,550 support and extended its decline in a different direction from Bitcoin.

The price formed a new weekly low at $1,521. After settling below the $1,600 level, it appears to be moving slowly downward. Additionally, the hourly ETH/USD chart shows two bearish trend lines forming with resistance near $1,555 and $1,570.

Currently, Ethereum is trading below $1,565 and the 100-hour Simple Moving Average. There was a slight increase above the 23.6% Fib retracement level of the drop from $1,595 to $1,521, due to the recent drop.

To the upside, the price may first face resistance near the $1,555 level and close to the first trend line. The primary resistance is near the second trend line, $1,565, and the 100-hour Simple Moving Average. Additionally, it’s close to the 61.8% Fib retracement level of the recent drop from $1,595 to $1,521.

Clearly breaking the $1,570 resistance could send the price towards the critical $1,600 resistance. In this case, Ether could rise and recover towards the $1,665 resistance. Further gains could carry the price towards $1,750.

Could There Be More Losses in ETH?

If Ethereum fails to surpass the $1,565 resistance, it might continue to decline. The initial downside support is near $1,520. The next key support is at the $1,500 level.

A drop and close below the $1,500 support could send the price even lower. In this case, the price could fall towards $1,440. Further losses could push Ether towards $1,420.

Technical Indicators

• Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
• Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
• Major Support Level – $1,500
• Major Resistance Level – $1,565