Ethereum Price Grinds Lower As Bears Target Fresh Low Below $1,550

Ethereum worth is dealing with many hurdles beneath the $1,700 resistance in opposition to the US Greenback. ETH may lengthen its decline beneath the $1,580 and $1,550 ranges.

• Ethereum remains to be struggling to get well above the $1,700 and $1,720 ranges.
• The worth is buying and selling beneath $1,680 and the 100-hourly Easy Transferring Common.
• There’s a main bearish development line forming with resistance close to $1,665 on the hourly chart of ETH/USD (knowledge feed through Kraken).
• The pair may begin one other decline if it breaks the $1,580 help within the close to time period.

Ethereum Value Faces Uphill Process

Ethereum’s worth did not climb above the $1,700 resistance zone. ETH began a recent decline beneath the $1,650 and $1,620 ranges, much like Bitcoin.

The worth even spiked beneath the $1,600 help and examined $1,580. A low was shaped close to $1,580 and the worth is now making an attempt a recent restoration. There was a transfer above the $1,600 stage. The worth is now testing the 50% Fib retracement stage of the downward transfer from the $1,693 swing excessive to the $1,580 low.

Ether can also be buying and selling beneath $1,680 and the 100-hourly Easy Transferring Common. In addition to, there’s a main bearish development line forming with resistance close to $1,665 on the hourly chart of ETH/USD.

On the upside, the worth may face resistance close to the $1,650 stage. It’s near the 61.8% Fib retracement stage of the downward transfer from the $1,693 swing excessive to the $1,580 low. The subsequent resistance is close to $1,665 or the 100-hourly Easy Transferring Common or the development line.

Supply: ETHUSD on TradingView.com

The primary barrier remains to be close to the $1,700 zone. An in depth above the $1,700 stage may begin a good enhance within the close to time period. The subsequent main resistance is close to the $1,750 stage. Any extra positive factors may ship the worth towards the $1,820 resistance.

One other Drop in ETH?

If Ethereum fails to clear the $1,665 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $1,600 stage.

The primary main help is close to the $1,580 zone. If there’s a draw back break beneath $1,580, there might be extra losses. The subsequent main help is close to the $1,550 help stage. Any extra losses may ship the worth towards the $1,520 stage and even to a brand new low beneath $1,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is shedding momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 stage.

Main Help Stage – $1,580

Main Resistance Stage – $1,665