Ethereum price gained bearish momentum below $1,620 against the US dollar. ETH is showing bearish signs and could fall further towards $1,540.
- Ethereum fell further below the USD 1,600 support zone.
- The price is trading below $1,620 and the 100-hourly Simple Moving Average.
- Two bearish trendlines are forming with resistance around $1,600 and $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline and test the USD 1,540 support in the near term.
Ethereum price takes a hit
Ethereum price started a fresh decline against the USD 1,660 and USD 1,670 resistance levels. ETH fell below the $1,620 support level and entered a bearish zone, where it underperformed against Bitcoin.
The bears even pushed the price below the $1,600 support and the 100-hourly Simple Moving Average. A low is formed near USD 1,568 and the price is now trying to make a recovery wave. There was a move above the USD 1,580 level. The price is testing the 23.6% Fib retracement level from the recent decline from the $1,660 swing high to the $1,568 low.
Ether is now trading below $1,620 and the 100-hour Simple Moving Average. There are also two bearish trend lines forming with resistance around $1,600 and $1,620 on the hourly chart of ETH/USD.
On the upside, the price could encounter resistance near the USD 1,600 level and the first trendline. The next resistance is near the $1,610 level, the second trendline and the 100-hourly Simple Moving Average. The trendline is also near the 50% Fib retracement level of the recent decline from the $1,660 swing high to the $1,568 low.
Source: ETHUSD on TradingView.com
A close above the USD 1,620 resistance could send the price towards the USD 1,650 resistance. The next major barrier is near the USD 1,660 level. A close above the USD 1,660 level could send Ethereum further higher towards USD 1,750.
Lose more in ETH?
If Ethereum fails to clear the USD 1,620 resistance, it could trigger another decline. The initial downside support is near the $1,565 level.
The next major support is at USD 1,540. A downward break below $1,540 could accelerate losses. In the said case, a decline towards the $1,440 level could occur in the coming days.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,540
Major resistance level – $1,620
