Ethereum again failed to settle above the $1,620 area against the US Dollar. ETH is slipping and may struggle to stay above the $1,480 support.
- Ethereum started a fresh decline after a false break above $1,620.
- The price is now trading below $1,560 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might start a fresh rise unless there is a clear move below the $1,480 support.
Ethereum price testing key support
Ethereum made another attempt to clear the Resistance zone at $1,620. ETH even broke above the $1,640 and $1,650 levels. However, the bears were active near the $1,660 level.
A high was formed near $1,662 and the price started a fresh decline. There was a downside break below the $1,560 and $1,550 levels. Ether price fell below the 50% Fib retracement level of the upward move from the low of $1,488 to $1,662.
The price is now trading below $1,560 and the 100 hour simple moving average. It is also trading below the 76.4% Fib retracement level of the upward move from the $1,488 low to $1,662 low.
However, it is still above the $1,500 support. Additionally, a key uptrend line is forming with support near $1,500 on the hourly chart of ETH/USD. An immediate upside resistance is near the $1,530 level. The first major resistance is seen near the $1,550 area and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The main breakout zone is now forming near the $1,620 area. A clear move above the $1,620 level could trigger a decent rise. The next key barrier is near the $1,660 level, above which the price may rise towards the $1,700 resistance zone.
More losses in ETH?
If Ethereum fails to break above the $1,550 resistance, it could continue to decline. An initial downside support is seen near the $1,500 area and the trendline.
A clear move below the trendline support could push the price towards the $1,480 support zone. Any further losses may even push the Ether price to the $1,400 support.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,480
Major resistance level – $1,550