Jonathan Gray
Ethereum price turned downward again from the $1,690 zone. ETH is currently stabilising and could drop more below the $1,580 support zone.
Main Takeaways:-
- Ethereum’s price turned downward again after it was unable to surpass $1,700 and $1,720.
- At present, the price is trading under $1,620 and the 100-hourly Regular Moving Average.
- The price of ETH went below a new upward trend line that had support around $1,625 on the hourly chart of ETH/USD.
- To start a normal increase, the pair wants to pass the $1,640 resistance level.
ETH Price Struggles to Break Higher
Ethereum price built a support above $1,550 and began an upward movement, like Bitcoin. ETH built momentum to break above the $1,600 and $1,620 resistance zones.
The buyers pushed the price above $1,650. The price reached a high of $1,690 but then dropped back down. It moved below the $1,640 support level and broke through a new upward trend line that had support at $1,625 on the hourly chart for ETH/USD.
The price examined the 50% Fib retracement level of the upward surge from the $1,472 from the lowest point to the $1,690 high. At present, the Ethereum price is trading below $1,625 and the 100-hourly Simple Moving Average.
On the way up, the price faces obstacles around the $1,620 level. The next important resistance is at the $1,640 level, and the main resistance is at the $1,650 level. If the price breaks above $1,650, it could rise towards the $1,690 level.
If the price breaks above the $1,690 resistance, it could lead to more gains in the next few sessions. In that case, Ether might rise towards the $1,750 resistance level or even reach $1,800 soon.
More Decline Ahead for ETH?
If Ethereum fails to pass the $1,640 resistance zone, then another drop will start. The first level of support on the downside is close to the $1,580 zone. The first important support stands close to the $1,555 zone, and the 61.8% Fib retracement level surges from the $1,472 dip to the $1,690 high.
A clear shift under the $1,555 support may push the price close to the $1,525 support zone. If the price continues to drop, it could reach the $1,450 support level soon. The next important support is at $1,420.
Ethereum Technical Analysis:-
Hourly RSI (Relative Strength Index) – The RSI for ETH/USD is currently under the 50 zone.
Hourly MACD (Moving Average Convergence Divergence) – The MACD for ETH/USD currently shows increasing momentum in the bearish zone.
- $1,580 – Major Support Level
- $1,640 – Major Resistance Level
Read also:- Bitcoin Bullish Momentum Grows as Binance Metric Shifts to Neutral
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
15 Best DeFi Projects To Watch In 2020
