The price of Ethereum fell further below $1,600 against the US dollar. ETH is in the red zone and could dive towards the $1,500 support zone.
- Ethereum is gaining pace below the $1,600 support zone.
- The price is trading below $1,600 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is struggling and could dive further towards the $1,500 support in the short term.
Ethereum price extends losses
Ethereum price remained in a bearish zone below the USD 1,660 and USD 1,670 resistance levels. ETH fell below the $1,600 support level to move further into a bearish zone like Bitcoin.
The price even fell below the $1,580 level and remained below the 100-hourly Simple Moving Average. A low was formed near USD 1,571 and the price is now consolidating losses. The price is testing the 23.6% Fib retracement level from the recent decline from the $1,600 swing high to the $1,571 low.
Ether is now trading below $1,580 and the 100-hour Simple Moving Average. There is also a major bearish trendline forming with resistance near $1,600 on the hourly chart of ETH/USD.
On the upside, the price could encounter resistance near the USD 1,590 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low. The next major resistance is around $1,600 and the trendline.
Source: ETHUSD on TradingView.com
The main hurdle is now near USD 1,620. A close above the USD 1,620 resistance could send the price towards the USD 1,650 resistance. If the bulls pump Ethereum above $1,650, the price could rise towards $1,720. Any gains could open the doors for a move towards $1,820.
Lose more in ETH?
If Ethereum fails to clear the USD 1,600 resistance, it could trigger another decline. The initial downside support is near the $1,570 level.
The next major support is at USD 1,540. A downward break below $1,540 could push the price further into a bearish zone. In the mentioned case, there could be a decline towards the USD 1,500 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,570
Major resistance level – $1,600
