Ethereum is still struggling to clear the USD 595 resistance zone against the US dollar. ETH price remains at risk of a sharp decline if it breaks the USD 575 support zone.
- Ethereum is still trading well below the key USD 595 and USD 600 resistance levels.
- The price is now approaching the USD 580 support zone and the 100 hourly easy moving average.
- There was a break below a major bullish trendline with support at $ 585 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could begin a major downward movement if there is a clear break below the $ 575 support.
Ethereum price with bearish signs
In the past two days, Ethereum has made a few attempts to gain bullish momentum above the USD 594, USD 595 and USD 600 resistance levels. ETH couldn’t stay higher and mostly traded in a range above the USD 565 level.
The recent high was formed at USD 593 before the price fell below the USD 590 level. There was a break below a major bullish trendline with support near $ 585 on the ETH / USD hourly chart. The pair even broke the 23.6% Fib retracement level of the upward move from the $ 577 swing low to the $ 593 high.
Ether price is now nearing the USD 580 support zone and the 100 simple hourly moving average. The 76.4% Fib retracement level of the upward move from the $ 577 swing low to $ 593 high is also near $ 580.
Source: ETHUSD on TradingView.com
If the price doesn’t stay above $ 580 support and the 100 hourly SMA, there is a risk of more downsides. The next key support is near the USD 575 level. A close below the USD 575 support zone could cause a sharp decline towards the USD 565 and USD 555 levels in the near term.
New increase in ETH?
If ethereum stays above the USD 580 and USD 575 support levels, it could move higher in the stated range. An initial resistance is near the dashed trendline and at USD 585.
The main resistance is still near the USD 595 level. A clear break above the USD 595 and USD 600 resistance levels could potentially pave the way for continued upward movement. The next big backlash is near the $ 620 zone.
MACD per hour – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH / USD is currently just below the 55 level.
Major Support Level – $ 575
Major Resistance Level – $ 595