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Ethereum Price Targets Fresh Lows, Can Bulls Save This Key Support?

Ethereum Price Targets Fresh Lows, Can Bulls Save This Key Support?

Ethereum Price

Ethereum Price

Ethereum price is struggling to stay above the $1,550 support against the US dollar. ETH could take a hit if it settles below $1,550 and then $1,540.

Ethereum Price Struggles

Ethereum failed to start a recovery wave above the $1,600 resistance zone. ETH remained in a bearish zone and extended its decline toward $1,550, like Bitcoin.

It seems like the bears already attempted a close below the $1,550 support zone. A new swing low was formed near $1,542 and the price is now consolidating losses. The price is back above the $1,550 level, but it is still showing heavy bearish signs.

Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. Besides, there is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,570 level. It is near the 23.6% Fib retracement level of the downward move from the $1,664 swing high to the $1,542 low. The first major resistance is near the trend line and $1,600 or the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the downward move from the $1,664 swing high to the $1,542 low is also near the trend line. The next major resistance is $1,620, above which the price could rise toward the $1,665 resistance zone. A close above the $1,665 resistance might send the price toward the main resistance at $1,750. Any more gains might open the doors for a move toward $1,880.

Downside Break in ETH?

If Ethereum fails to clear the $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,550 level. The next key support is $1,540.

A downside break below the $1,540 support might start another strong decline. In the stated case, the price could revisit the $1,480 level. Any more losses may perhaps send Ether toward the $1,420 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,540

Major Resistance Level – $1,600

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