Ethereum prices are falling towards the support level of $1500 against the US dollar. ETH may pull back and rise, but the upside potential may be limited above $1565
Ethereum prices are falling towards the support level of $1500 against the US dollar. ETH may pull back and rise, but the upside potential may be limited above $1565.
- Ethereum is striving to recover above $1550.
- The price is below $1565 and the 100 hour simple moving average.
- There are two bearish trend lines on the ETH/USD hourly chart, with resistance levels around $1555 and $1570
- The currency pair may retreat and rise, but bears may remain active around $1565.
Ethereum Price Expansion Loss
Ethereum is still in a bearish zone below the $1580 resistance zone. Unlike Bitcoin, ETH failed to maintain its key support level of $1550 and widened its decline.
The price fell to a new week low of $1521. The price seems to be slowly declining after stabilizing below $1600. There are also two bearish trend lines on the ETH/USD hourly chart, with resistance levels around $1555 and $1570.
The price is below $1565 and the 100 hour simple moving average. 1,595 1,521 23.6% Fib
On the positive side, prices may face resistance near the $1555 level and the first trend line. The first major resistance is located near the second trend line of $1565 and the 100 hour simple moving average. It is close to the 61.8% Fib retracement level, which has recently fallen from a fluctuating high of $1595 to a low of $1521.
If the price significantly breaks through the resistance level of $1570, it may push the price towards the key resistance level of $1600. In the above situation, Ethereum may rise and recover to the resistance level of $1665. Any further increase could open the door towards $1750.
More ETH losses?
If Ethereum fails to break through the resistance level of $1565, it may continue to decline. The initial downward support is around $1520. The next key support level is $1500.
Breaking below the support level of $1500 may lead to further price declines. In the above situation, the price may drop to the level of $1440. If it falls further, the Ethereum may rise to the level of $1420.
Technical indicators
Hourly MACD-The MACD of ETH/USD gained momentum in bearish regions.
Hourly RSI-The RSI of ETH/USD is currently below the 50 level.
- 1,500
- 1,565
The market is constantly changing. If you want to stay together for warmth or have any doubts, please feel free to leave a message.
Thank you for reading. Friends who like it can follow me
#BTC # # Ethereum # # Cryptocurrency#
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
