Ethereum price is currently in a consolidation phase above the $1,580 mark against the US Dollar. The bears have tried to push the price below the $1,600 support zone, but the bulls managed to defend the $1,580 level. There is a key bearish trend line forming with resistance near $1,660 on the 4-hours chart (data feed from Coinbase).
In the past few days, Ethereum saw a downside correction from the $1,740 zone against the US Dollar. ETH price declined below the $1,700 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $1,650 level. There was a clear move below the 50% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high.
The technical indicators are currently suggesting that the bulls are defending the $1,580 support zone. The 4 hours MACD for ETH/USD is losing momentum in the bullish zone. Similarly, the 4 hours RSI for ETH/USD is now above the 50 level. The key support levels for the pair are $1,600, followed by the $1,570 zone. On the upside, the key resistance levels are $1,660 and $1,740.
The bulls will now be aiming for a break above the $1,660 resistance zone in order to push the price towards the $1,700 and $1,750 resistance levels. If the price fails to break above the $1,660 resistance zone, it could start a fresh decline. The next major support is near the $1,570 level or the 61.8% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high. A break below the $1,570 support could push the price to $1,500. Any more losses could lead the price towards $1,420 or even $1,400 in the coming days.
Overall, Ethereum price is clearly trading below the $1,660 zone and the 55 simple moving average (4-hours). The bulls will be aiming for a break above the $1,660 resistance zone in order to push the price towards the $1,700 and $1,750 resistance levels. On the downside, an initial support is near the $1,600 level. The next major support is now near the $1,570 level or the 61.8% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high. If the price fails to stay above the $1,580 support zone, it could start a fresh decline. Any more losses could lead the price towards $1,420 or even $1,400 in the coming days.
The bulls will now be aiming for a break above the $1,660 resistance zone in order to push the price towards the $1,700 and $1,750 resistance levels. If the price succeeds in breaking the $1,660 resistance zone, it could start a fresh increase and the bulls might take the price towards the $1,800 mark. On the other hand, if the bears manage to break below the $1,580 support, it could open the doors for a bearish move.
The technical indicators are currently suggesting that the bulls are defending the $1,580 support zone. The 4 hours MACD for ETH/USD is losing momentum in the bullish zone. Similarly, the 4 hours RSI for ETH/USD is now above the 50 level. The key support levels for the pair are $1,600, followed by the $1,570 zone. On the upside, the key resistance levels are $1,660 and $1,740.
Overall, Ethereum price is currently in a consolidation phase above the $1,580 mark against the US Dollar. The bulls will be aiming for a break above the $1,660 resistance zone in order to push the price towards the $1,700 and $1,750 resistance levels. On the downside, an initial support is near the $1,600 level. The next major support is now near the $1,570 level or the 61.8% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high. If the price fails to stay above the $1,580 support zone, it could start a fresh decline. Any more losses could lead the price towards $1,420 or even $1,400 in the coming days.
