Ethereum Price Faces Uphill Battle, Potential Reversal to $1,500 Looms
Ethereum’s price is currently in a recovery phase, attempting to break above the $1,580 mark against the US Dollar. However, the $1,620 resistance level presents a formidable challenge, raising the possibility of another downward move.
Ethereum Struggles to Regain Momentum
Ethereum is encountering obstacles in its quest to surpass the $1,600 and $1,620 thresholds.
- Price Below Key Levels: ETH remains beneath both the $1,600 mark and the 100-hourly Simple Moving Average.
- Bearish Trend Line: An important bearish trend line is forming, with resistance located around $1,600 on the hourly chart of ETH/USD (data source via Kraken).
- Fibonacci Retracement: Ethereum failed to breach the 61.8% Fib retracement level of the significant decline from the $1,670 high to the $1,530 low.
- Support Levels: Ethereum now trades under $1,600, including the 100-hourly Simple Moving Average. On the upside, it could face resistance near $1,595 or the aforementioned trend line. Further resistance is situated around the $1,620 level.
Ethereum’s Battle to Break $1,600 Resistance
Reaching Higher or Falling Lower
To resume its upward trajectory, Ethereum must surpass the $1,620 resistance. If successful, it may target the $1,670 and $1,720 levels. The latter could pave the way for a push towards $1,800.
Conversely, failure to breach the $1,600 resistance may lead to a fresh decline. Initial support lies near $1,565, followed by a more critical support at $1,550. A break below $1,530 might set the stage for further losses, with $1,500 and $1,440 as potential downside targets.
Ethereum Struggles to Break Key Resistance Levels, Testing Short-Term Support at $1,550
Key Technical Indicators
- Hourly MACD: The MACD for ETH/USD is gradually leaning towards the bearish territory.
- Hourly RSI: The RSI for ETH/USD currently rests below the 50 level.
Major Support Level: $1,550
Major Resistance Level: $1,620
In conclusion, Ethereum finds itself at a pivotal juncture, with resistance at $1,620 posing a significant challenge. Its ability to surpass this hurdle will likely determine its short-term price direction.