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Ethereum has remained in a bearish trend below the $1,600 resistance area. ETH is still consolidating below the $1,550 support and is showing bearish signs similar to Bitcoin.
To the upside, the price may encounter resistance near the $1,565 level and the first trendline. The first significant resistance is the second trendline, $1,590, and the hourly 100 Simple Moving Average.
A drop below the $1,540 support could trigger another strong decline. In that case, the price might fall towards $1,420.
Ethereum price fell below the critical $1550 support level: What will happen to ETH price now? Current Ethereum price analysis!
Ethereum Price Analysis – October 12
Ethereum has remained in a bearish trend below the $1,600 resistance area. ETH is still consolidating below the $1,550 support and is showing bearish signs similar to Bitcoin. The price recently formed a low near $1,542 and then began a consolidation phase.
The price once rose above the key retracement level of 23.6% Fib from the high of $1,665 to the low of $1,542, but the upward momentum was limited.
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Currently, Ethereum is trading below $1,585 and the hourly 100 Simple Moving Average (SMA). Additionally, on the hourly ETH/USD chart, there are two bearish trendlines with resistance around $1,565 and $1,590.
To the upside, the price may encounter resistance near the $1,565 level and the first trendline. The first significant resistance is the second trendline, around $1,590, and the hourly 100 Simple Moving Average. The next resistance is around $1,600, or near the 50% Fib retracement level of the drop from the high of $1,665 to the low of $1,542, which is a key turning point.
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ETH/USD 1 Hour Chart
A clear move above $1,600 resistance could initiate a short-term recovery wave. In this case, Ether might rise towards the $1,665 resistance and further recovery. More gains could potentially open the doors to a $1,750 move.
More Losses Possible for ETH?
If Ethereum cannot surpass the $1,600 resistance, it may continue to move downwards. The first downside support is $1,550.
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The next significant support is $1,540. A drop below $1,540 support could trigger another strong decline. In that case, the price might fall towards $1,420. Further losses could potentially send Ether towards $1,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
