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Home»Altcoins»Ethereum Price Targets New Lows, Can Bulls Rescue This Key Support?
Altcoins

Ethereum Price Targets New Lows, Can Bulls Rescue This Key Support?

2023-10-11No Comments3 Mins Read
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Ethereum price is struggling to stay above the USD 1,550 support against the US dollar. ETH could take a hit if it falls below $1,550 and then $1,540.

  • Ethereum is showing bearish signs and struggling to clear $1,600.
  • 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 could start a recovery wave if the bulls defend the USD 1,550 support zone.

Ethereum Price Battle

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

It looks like the bears were already trying to 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 USD 1,550 level but still showing heavy bearish signs.

Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. Additionally, a major bearish trendline is forming with resistance around $1,600 on the hourly chart of ETH/USD.

On the upside, the price could encounter resistance near the USD 1,570 level. It is close to 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 trendline and $1,600 or the 100-hour 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 close to the trendline. The next major resistance is at USD 1,620, above which the price could rise towards the USD 1,665 resistance zone. A close above the USD 1,665 resistance could send the price towards the key USD 1,750 resistance. Any further gains could open the doors for a move towards $1,880.

See also  Dogecoin Price Consolidates, What Does This Mean For DOGE

Disadvantage Break in ETH?

If Ethereum fails to clear the USD 1,600 resistance, it could continue to decline. The initial downside support is near the $1,550 level. The next major support is at USD 1,540.

A downside break below the $1,540 support could trigger another strong decline. In the mentioned case, the price could reach the $1,480 level again. Any further losses could perhaps send Ether towards the $1,420 level.

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 – $1,600

Source link

Bulls Ethereum Key Lows Price rescue Support Targets
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