Ethereum price gained bearish momentum below $1,620 against the US Dollar. ETH is showing bearish signs and might decline further toward $1,540.
- Ethereum declined further below the $1,600 support zone.
- The price is trading below $1,620 and the 100-hourly Simple Moving Average.
- There are two bearish trend lines forming with resistance near $1,600 and $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down and test the $1,540 support in the short term.
Ethereum Price Takes Hit
Ethereum’s price started a fresh decline from the $1,660 and $1,670 resistance levels. ETH declined below the $1,620 support level to enter a bearish zone and underperformed Bitcoin.
The bears even pushed the price below the $1,600 support and the 100-hourly Simple Moving Average. A low is formed near $1,568 and the price is now attempting a recovery wave. There was a move above the $1,580 level. The price is testing the 23.6% Fib retracement level of the recent decline from the $1,660 swing high to the $1,568 low.More Losses in ETH?
If Ethereum fails to clear the $1,620 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 losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,540 Major Resistance Level – $1,620