Ethereum failed again to settle above the $1,620 zone against the US Dollar. ETH is sliding and may struggle to stay above the $1,480 support.
- Ethereum started another decline after a false break above $1,620.
- The price is currently trading below $1,560 and the hourly simple moving average is 100.
- There is a key bullish trend line forming with support near $1,500 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a new rally unless there is a clear move below the $1,480 support.
Ethereum Price Test Key Support
Ethereum made another attempt to remove it resistance zone $ 1,620. ETH even rose above the $1,640 and $1,650 levels. However, the bears are active near the $1,660 level.
A high was formed near $1,662 and the price started a new decline. There is a break below the $1,560 and $1,550 levels. Ether price declined below the 50% Fib retracement level of the upward move from the $1,488 swing to the $1,662 high.
The price is currently trading below $1,560 and on 100 moving averages per hour. It is also trading below the 76.4% Fib retracement level of the move up from the $1,488 swing low to $1,662 high.
However, it is still above the $1,500 support. Additionally, there is a key bullish trend line forming with support near $1,500 on the ETH/USD hourly chart. Immediate resistance on the upside near the $1,530 level. The first major resistance is near the $1,550 zone and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The main breakout zone is now forming near the $1,620 zone. A clear move above the $1,620 level could start a good rally. The next major resistance is near the $1,660 level, above which the price may rise to the $1,700 resistance zone.
More Losses in ETH?
If ethereum fails to rise above the $1,550 resistance, it could continue to decline. The initial support on the lower side is near the $1,500 zone and the trend line.
A clear move below the trendline support may push the price towards the $1,480 support zone. Another loss could push the price of ether towards the $1,400 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $1,480
Main Resistance Level – $1,550
