Ethereum price is moving lower towards the USD 1,500 support against the US dollar. ETH could correct higher, but upside could be limited above USD 1,565.
- Ethereum is struggling to start a recovery above $1,550.
- The price is trading below $1,565 and the 100-hourly Simple Moving Average.
- Two bearish trendlines are forming with resistance around $1,555 and $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but the bears could remain active around $1,565.
Ethereum price extends losses
Ethereum remained in a bearish zone below the USD 1,580 resistance zone. ETH failed to hold above the key support at USD 1,550 and extended its decline, unlike Bitcoin.
The price traded to a new weekly low at $1,521. It seems that the price is slowly declining after falling below $1,600. There are also two bearish trend lines forming with resistance around $1,555 and $1,570 on the hourly chart of ETH/USD.
Ethereum is now trading below $1,565 and the 100-hourly Simple Moving Average. There was a small increase above the 23.6% Fib retracement level from the recent decline from the $1,595 swing high to the $1,521 low.
On the upside, the price could encounter resistance near the USD 1,555 level and the first trendline. The first major resistance is near the second trendline, $1,565, and the 100-hour Simple Moving Average. It is close to the 61.8% Fib retracement level of the recent decline from the $1,595 swing high to the $1,521 low.
Source: ETHUSD on TradingView.com
A clear move above the USD 1,570 resistance could send the price towards the key USD 1,600 resistance. In the mentioned case, Ether could rise and recover towards the USD 1,665 resistance. Any gains could open the doors for a move towards $1,750.
Lose more in ETH?
If Ethereum fails to clear the USD 1,565 resistance, it could continue falling. The initial downside support is near the $1,520 level. The next major support is at USD 1,500.
A downside break below the USD 1,500 support could push the price further down. In the mentioned case, the price could fall towards the USD 1,440 level. Any further losses could perhaps send Ether towards the USD 1,420 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 – $1,500
Major resistance level – $1,565