Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price settled below the $1,565 support zone against the US dollar. ETH is accelerating lower and might drop toward the $1,440 support.
- Ethereum is gaining pace below the $1,550 support zone.
- The price is trading just below $1,565 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $1,565 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at risk of more downsides toward the $1,440 support.
Ethereum Price Turns At Risk
Ethereum started a fresh decline and settled below the $1,600 pivot level. ETH traded below the $1,565 and $1,550 support levels, like Bitcoin.
A low is formed near $1,542 and the price is now consolidating losses. The current price action suggests high chances of more losses. There is also a connecting bearish trend line forming with resistance near $1,565 on the hourly chart of ETH/USD.
Ethereum is now trading just below $1,565 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,565 level and the trend line. The 50% Fib retracement level of the downward move from the $1,585 swing high to the $1,542 low is also near the trend line.
The first major resistance is near the $1,575 zone or the 76.4% Fib retracement level of the downward move from the $1,585 swing high to the $1,542 low.
Source: ETHUSD on TradingView.com
A close above the $1,575 resistance might start a steady increase. In the stated case, Ether could start a recovery wave toward the $1,600 resistance. Any more gains might open the doors for a move toward $1,665.
More Losses in ETH?
If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,540 level.
The next key support is $1,520. A downside break below the $1,520 support might spark sharp bearish moves. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,350 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,520
Major Resistance Level – $1,565
