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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Targets Fresh Lows, Can Bulls Save This Key Support?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price

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Ethereum price is struggling to stay above the $1,550 support against the US dollar. ETH could take a hit if it settles below $1,550 and then $1,540.

  • Ethereum is showing bearish signs and struggling to clear the $1,600.
  • The price is trading below $1,600 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a recovery wave if the bulls defend the $1,550 support zone.

Ethereum Price Struggles

Ethereum failed to start a recovery wave above the $1,600 resistance zone. ETH remained in a bearish zone and extended its decline toward $1,550, like Bitcoin.

It seems like the bears already attempted a close below the $1,550 support zone. A new swing low was formed near $1,542 and the price is now consolidating losses. The price is back above the $1,550 level, but it is still showing heavy bearish signs.

Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. Besides, there is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,570 level. It is near the 23.6% Fib retracement level of the downward move from the $1,664 swing high to the $1,542 low. The first major resistance is near the trend line and $1,600 or the 100-hourly Simple Moving Average.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the downward move from the $1,664 swing high to the $1,542 low is also near the trend line. The next major resistance is $1,620, above which the price could rise toward the $1,665 resistance zone. A close above the $1,665 resistance might send the price toward the main resistance at $1,750. Any more gains might open the doors for a move toward $1,880.

Downside Break in ETH?

If Ethereum fails to clear the $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,550 level. The next key support is $1,540.

A downside break below the $1,540 support might start another strong decline. In the stated case, the price could revisit the $1,480 level. Any more losses may perhaps send Ether toward the $1,420 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,540

Major Resistance Level – $1,600

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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.

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