Ethereum (ETH) price has continued to decline and is currently trading below the $1,600 support level against the US Dollar. ETH is in a bearish zone and may test the $1,500 support zone.
Here are some key technical indicators and price levels to watch for Ethereum:
- Ethereum is trading below $1,600 and the 100-hourly Simple Moving Average (SMA).
- A key bearish trend line is forming with resistance near $1,600 on the hourly chart.
- The price might face resistance near the $1,590 level, followed by the $1,600 resistance and the trend line.
- On the downside, initial support is near $1,570, and the next key support is at $1,540.
- A break below $1,540 could lead to further losses and a test of the $1,500 level.
- The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI is below the 50 level.
If Ethereum fails to clear the $1,600 resistance, it could continue to move down. On the other hand, a break above $1,600 might pave the way for a recovery towards $1,650 and beyond.
Please note that cryptocurrency markets are highly volatile, and prices can change rapidly. It’s essential to conduct your research and consider your risk tolerance before making any investment decisions.