Ethereum prices are attempting to break through the wave of recovery of $1580 against the US dollar. ETH is working hard to break through $1620 and may start another decline
Ethereum prices are attempting to break through the wave of recovery of $1580 against the US dollar. ETH is working hard to break through $1620 and may start another decline.
- Ethereum is working hard to accelerate the breakthroughs of $1600 and $1620.
- The transaction price is below $1600 and the 100 hour simple moving average.
- The ETH/USD hourly chart forms a main bearish trend line, with resistance around $1600 (data from Kraken).
- Unless the closing price exceeds $1620, the currency pair may fall again.
Ethereum prices struggling above $1600
Ethereum prices have been revised upwards from the $1530 level. Like Bitcoin, ETH has successfully recovered above the resistance levels of $1560 and $1580.
Bulls even pushed prices above the 50% Fib retracement level, a key decline from a fluctuating high of $1670 to a low of $1530. The price climbed above the resistance level of $1600 and the 100 hour simple moving average. However, bears have firmly established themselves near the key resistance level of $1620.
Ethereum failed to clear the 61.8% Fib retracement level, which was a key decline from a fluctuating high of $1670 to a low of $1530. There is also a main bearish trend line formed on the ETH/USD hourly chart, with resistance around $1600.
The transaction price is below $1600 and the 100 hour simple moving average. 1,595 1,620 1,620 1,670
The next major obstacle is around $1720. Closing above $1720 may push Ethereum further up to $1800.
ETH falling again?
If Ethereum fails to break through the resistance level of $1600, it may start another decline. The initial support for the downward trend is around $1565.
The first key support level is close to $1550. The next key support level is $1530. Falling below $1530 may push prices further down to the $1500 range. In the above situation, the price may even fall to the level of $1440 in the short term.
Technical indicators
Hourly MACD-The MACD of ETH/USD is slowly gaining momentum in bearish areas.
Hourly RSI-The RSI of ETH/USD is currently below the 50 level.
- 1,550
- 1,620
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