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Ethereum worth failed to begin contemporary enhance above $1,600 in opposition to the US greenback. ETH is now struggling to remain above the $1,550 help zone.

• Ethereum prolonged its decline and examined the $1,550 help zone.
• The worth is buying and selling just under $1,580 and the 100-hourly Simple Moving Average.
• There is a connecting bearish development line forming with resistance close to $1,570 on the hourly chart of ETH/USD (knowledge feed through Kraken).
• The pair might speed up decrease if the bulls fail to guard the $1,550 help.

Ethereum Price Dips Further

Ethereum struggled to settle above $1,650 and began a contemporary decline. ETH traded under the $1,620 and $1,600 help ranges. There was a brief consolidation part earlier than the worth prolonged its decline, in contrast to Bitcoin.

There was a transfer under the $1,575 help and the worth examined $1,550. A low is shaped close to $1,553 and the worth is now consolidating losses. There can also be a connecting bearish development line forming with resistance close to $1,570 on the hourly chart of ETH/USD.

Ethereum is now buying and selling just under $1,580 and the 100-hourly Simple Moving Average. On the upside, the worth is going through resistance close to the $1,570 degree and the development line. The 23.6% Fib retracement degree of the downward transfer from the $1,669 swing excessive to the $1,553 low can also be simply above the development line.

The first major resistance is near the $1,600 zone or the 50% Fib retracement degree of the downward transfer from the $1,669 swing excessive to the $1,553 low.

Source: ETHUSD on TradingView.com

A detailed above the $1,600 resistance would possibly begin an honest enhance. In the acknowledged case, Ether might rise and get better towards the $1,660 resistance. Any extra positive aspects would possibly open the doorways for a transfer towards $1,720.

More Losses in ETH?

If Ethereum fails to clear the $1,570 resistance, it might begin one other decline. Initial help on the draw back is close to the $1,550 degree.

The subsequent key help is $1,520. A draw back break under the $1,520 help would possibly ship the worth additional decrease. In the acknowledged case, the worth might drop towards the $1,480 degree. Any extra losses might maybe ship Ether towards the $1,420 degree.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is shedding momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now under the 50 degree.

Major Support Level – $1,550

Major Resistance Level – $1,570