Ethereum price is trying to stage a recovery wave above $1,580 against the US dollar. ETH is struggling to clear $1,620 and could trigger another decline.
- Ethereum is struggling to pace a move above $1,600 and $1,620.
- 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 fall again unless it closes above $1,620.
Ethereum price struggles above USD 1,600
Ethereum price started an upward correction from the USD 1,530 level. ETH managed to recover above the USD 1,560 and USD 1,580 resistance levels, just like Bitcoin.
The bulls even pushed the price above the 50% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. The price climbed above the $1,600 resistance level and the 100-hourly Simple Moving Average. However, the bears took a stand near the key resistance at $1,620.
Ether failed to break the 61.8% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. There is also a major bearish trendline forming with resistance around $1,600 on the hourly chart of ETH/USD.
Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $1,595 level or the trendline. The next resistance is near the $1,620 level. A close above the USD 1,620 resistance could send the price towards the USD 1,670 resistance.
Source: ETHUSD on TradingView.com
The next major hurdle is near the USD 1,720 level. A close above the USD 1,720 level could send Ethereum further higher towards USD 1,800.
Another drop in ETH?
If Ethereum fails to clear the USD 1,600 resistance, it could trigger another decline. The initial downside support is near the $1,565 level.
The first major support is close to $1,550. The next major support is at USD 1,530. A downward break below $1,530 could push the price further down towards the $1,500 zone. In the mentioned case, the price could even drop to the $1,440 level in the short term.
Technical indicators
hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,550
Major resistance level – $1,620