Ethereum price fell below the USD 1,565 support zone against the US dollar. ETH is accelerating lower and could drop towards the $1,440 support.
- Ethereum is gaining pace below the USD 1,550 support zone.
- The price is trading just below $1,565 and the 100-hour Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $1,565 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at risk of more downside towards the $1,440 support.
Ethereum price is at risk
Ethereum started a new decline and fell below the pivot level of $1,600. ETH, like Bitcoin, traded below the $1,565 and $1,550 support levels.
A low is formed near USD 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 trendline forming with resistance around $1,565 on the hourly chart of ETH/USD.
Ethereum is now trading just below $1,565 and the 100-hour Simple Moving Average. On the upside, the price is facing resistance near the $1,565 level and trendline. The 50% Fib retracement level of the downward move from the $1,585 swing high to the $1,542 low is also close to the trendline.
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 resistance at $1,575 could trigger a steady rise. In the mentioned case, Ether could trigger a recovery wave towards the USD 1,600 resistance. Any further gains could open the doors for a move towards $1,665.
Lose more in ETH?
If Ethereum fails to clear the USD 1,565 resistance, it could trigger another decline. The initial downside support is near the $1,540 level.
The next major support is at USD 1,520. A downward break below the $1,520 support could trigger sharp bearish moves. In the mentioned case, the price could fall towards the USD 1,440 level. Any further losses could perhaps send Ether towards the USD 1,350 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 – $1,520
Major resistance level – $1,565
