Ethereum price is consolidating losses above $1,540 against the US Dollar. ETH could rise if there is a clear move above the $1,580 resistance.
- Ethereum is consolidating losses above the $1,540 support zone.
- The price is trading near $1,580 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher if there is a move above the $1,580 resistance zone.
Ethereum Price Consolidates Losses
Ethereum price found support near the $1,540 zone and started a consolidation phase. ETH is slowly moving higher above the $1,560 level, similar to bitcoin.
There was a break above the 23.6% Fib retracement level of the key drop from the $1,678 swing high to $1,542 low. There is also a major bullish trend line forming with support near $1,560 on the hourly chart of ETH/USD.
Ether price is now trading near $1,580 and the 100 hourly simple moving average. The price is rejected a few times near the $1,580 level. On the upside, the price is facing resistance near the $1,580 zone. The first major resistance is near the $1,600 zone.
The next major resistance is near the $1,610 level. It is near the 50% Fib retracement level of the key drop from the $1,678 swing high to $1,542 low, above which the price might start a decent increase. The next major resistance is near the $1,670 zone.
Source: ETHUSD on TradingView.com
A close above the $1,670 resistance zone might start a fresh rally. In this case, the price may perhaps rise towards the $1,740 level.
Fresh Decline in ETH?
If ethereum fails to clear the $1,580 resistance, it could continue to move down. An initial support on the downside is near the $1,560 level and the trend line.
The next major support is near the $1,540 zone. If there is a break below $1,540, the price might drop towards $1,500. Any more losses might call for a test of the $1,440 level.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,540
Major Resistance Level – $1,580