Ethereum prices are striving to fall below the resistance level of $1640 against the US dollar.The current trading price of ETH is below $1620 and the simple moving average of 55 (4 hours)
- Ethereum prices are striving to fall below the resistance level of $1640 against the US dollar.
- The current trading price of ETH is below $1620 and the simple moving average of 55 (4 hours).
- On the 4-hour chart, a key bearish trend line is forming, with resistance around $1600 (data from Coinbase).
- If it remains below $1600 and $1620, the currency pair may continue to decline.
The price of Ethereum fell below $1620 against the US dollar. If ETH/USD fails to recover above $1650, there is still a risk of further downside.
Ethereum Price Analysis
Over the past week, Ethereum has been striving to maintain its exchange rate above $1660 against the US dollar. ETH prices have started a new round of decline, trading below the pivot level of $1650.
Its trading price is below the support levels of $1640 and $1620, entering a bearish zone. It also fell below the $1600 level. A low point has formed near $1548, and the price is currently correcting for losses. ETH's current trading price is below $1620 and the 55 hour simple moving average (4 hours).
A key bearish trend line was also formed on the 4-hour chart, with resistance levels around $1600. The trend line is close to the 23.6% Fib retracement level of the downward trend from a fluctuating high of $1755 to a low of $1548.
On the positive side, prices are currently facing resistance near the $1600 level and trend line. The next major resistance level is around $1620. At present, the main resistance level is around $1650. It is close to the 50% Fib retracement level of the downward trend from a fluctuating high of $1755 to a low of $1548, above which the price may test the $1675 resistance level.
A clear break through the $1675 resistance level may push the price towards $1750. On the downside, initial support is around $1560. The next major support level is around $1540. Breaking below the support level of $1540 may push the price to $1480. If the bulls fail to hold onto the support level of $1480, the price may fall towards $1350.
From the chart, the price of Ethereum is below $1620 and the simple moving average of 55 (4 hours). Overall, if the price of Ethereum remains below $1620 and $1650, it may continue to decline.
Technical indicators
4-hour RSI (Relative Strength Index) - The RSI for ETH/USD is currently below the 50 level.
Key support level - $1560, followed by the $1540 region.
Key resistance levels - $1600 and $1650.
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