Ethereum price failed to start fresh increase above $1,600 against the US dollar. ETH is now struggling to stay above the $1,550 support zone.
- Ethereum extended its decline and tested the $1,550 support zone.
- The price is trading just below $1,580 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if the bulls fail to protect the $1,550 support.
Ethereum Price Dips Further
Ethereum struggled to settle above $1,650 and started a fresh decline. ETH traded below the $1,620 and $1,600 support levels. There was a short consolidation phase before the price extended its decline, unlike Bitcoin.
There was a move below the $1,575 support and the price tested $1,550. A low is formed near $1,553 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD.The first major resistance is near the $1,600 zone or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low.
More Losses in ETH?
If Ethereum fails to clear the $1,570 resistance, it could start another decline. Initial support on the downside is near the $1,550 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,550 Major Resistance Level – $1,570