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
Go to Source
Author: Aayush Jindal
