Ethereum price started a fresh decline below the $1,620 zone. ETH is now consolidating and might attempt to recover above the $1,620 resistance.
- Ethereum started a fresh decline below the $1,620 and $1,600 levels.
- The price is trading below $1,620 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,615 resistance zone.
Ethereum Price Faces Hurdles
Ethereum price struggled to continue higher above $1,690 and started a fresh decline, like Bitcoin. ETH declined below the $1,600 and $1,580 support levels. It even spiked below $1,550.
A low was formed at $1,538 and the price is now attempting a recovery wave. There was a move above the $1,580 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low.
Besides, there was a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,620 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $1,600 level. The next key resistance is near the $1,615 level or the 50% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low. The first major resistance is near the $1,655 level.
A clear move above the $1,655 resistance might send the price toward the $1,700 resistance. An upside break above the $1,700 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $1,615 resistance, it could start another decline. Initial support on the downside is near the $1,5750 level. The first major support sits near the $1,540 zone.
A clear move below the $1,540 support might push the price toward the $1,480 support. Any more losses might send the price toward the $1,420 support level in the near term. The next key support sits at $1,400.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,540
Major Resistance Level – $1,655
