- 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
