HomeAltcoin NewsEthereum Price Analysis: ETH Could Take Major Hit Below $1,600

Ethereum Price Analysis: ETH Could Take Major Hit Below $1,600

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  • Ethereum price is struggling below the $1,650 resistance against the US Dollar.
  • ETH price is now trading below $1,600 and the 55 simple moving average (4 hours).
  • There is a connecting bearish trend line forming with resistance near $1,600 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it stays below $1,600 and $1,615.

Ethereum price is declining below $1,600 against the US Dollar. ETH/USD remains at a risk of more downsides if it fails to recover above $1,615.

Ethereum Price Analysis

This past week, Ethereum made a couple of attempts to gain strength above $1,660 against the US Dollar. ETH price failed to start a recovery wave above $1,660 and started a fresh decline.

It traded below $1,620 and $1,600 support levels to enter a bearish zone. There was also a break below the $1,585 level. A low is formed near $1,563 and the price is now correcting losses. ETH is now trading below $1,600 and the 55 simple moving average (4 hours).

There is also a connecting bearish trend line forming with resistance near $1,600 on the 4-hour chart. It is slowly moving higher above the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,563 low.

On the upside, the price is now facing resistance near the $1,600 level and the trend line. The next major resistance is near the $1,615 level.

It is close to the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,563 low, above which the price could test the $1,650 resistance. A clear move above the $1,650 resistance could send the price toward $1,720.

On the downside, initial support is near the $1,565 level. The next major support is now near the $1,530 level. A break below the $1,530 support could push the price to $1,450. If the bulls fail to protect the $1,450 support, the price might decline toward $1,400.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading below $1,600 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,600 and $1,615.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $1,565, followed by the $1,530 zone.

Key Resistance$ Levels – $1,600 and $1,615.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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