Ethereum price is attempting a recovery wave above $1,580 against the US Dollar. ETH is struggling to clear $1,620 and might start another decline.
- Ethereum is struggling to gain pace for a move above $1,600 and $1,620.
- The price is trading below $1,600 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another decline unless there is a close above $1,620.
Ethereum Price Struggles Above $1,600
Ethereum’s price started an upside correction from the $1,530 level. ETH managed to recover above the $1,560 and $1,580 resistance levels, 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.
Another Drop in ETH?
If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,565 level.Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,550 Major Resistance Level – $1,620