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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Ethereum Dives To $550, Why More Downsides Seem Likely

Aayush Jindal by Aayush Jindal
3 years ago
in ETH
Reading Time: 2 mins read

Ethereum started a strong decline after it failed to surpass $600 against the US Dollar. ETH price declined over 6% and it is now trading near the $550 level.

  • Ethereum started a strong decline after it failed to clear the $600 and $602 resistance levels.
  • The price broke the key $585 support and settled below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to face resistance near $565 and $570.

Ethereum Price Broke Key Support

After many failures, bitcoin and Ethereum declined below the $19,000 and $585 support levels. ETH price gained bearish momentum below the $580 level and it settled well below the 100 hourly simple moving average.

The bears were able to push the price below the $565 support level. Ether price even spiked below the $550 support and traded as low as $541. It is currently correcting higher and trading above the $545 level.

An initial resistance is near the $552 and $555 levels. The 23.6% Fib retracement level of the recent decline from the $595 swing high to $541 low is also near the $554 level. The first major resistance on the upside is near the $565 level (the recent breakdown zone).

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $595 swing high to $541 low is also near the $568 level. Moreover, there is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD.

Therefore, ether price is likely to face a strong selling interest if it recovers above $555 and climbs higher towards the $565 and $570 level in the near term.

More Losses in ETH?

If ethereum fails to clear the $555 and $565 resistance levels, it could continue to move down. An initial support is near the $542 and $540 levels.

A downside break below the $540 support zone may perhaps spark more losses towards the $525 level. The next major support is near the $500 zone, where the bulls are likely to take a stand.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing negative signs in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently well below the 40 level.

Major Support Level – $540

Major Resistance Level – $565

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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