Ethereum Price

Ethereum Price Extended Losses But It’s Too Early to Say Bulls Have Given Up

Ethereum extended its decline after the fed rate decision against the US Dollar. ETH tested the $1,500 support and is currently correcting losses.

Ethereum extended a decline below the $1,550 support zone and tested $1,500.
The price is now trading below $1,580 and the 100 hourly simple moving average.
There is a key major bearish trend line forming with resistance near $1,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $1,580 and $1,600 resistance levels.

Ethereum Price Eyes Increase

Ethereum failed to gain pace for a move above the $1,600 resistance zone. ETH corrected lower and traded below the $1,550 support zone after the fed increased rates by 75bps.

The price tested the $1,500 support zone. A low is formed near the $1,501 level and the price is now correcting losses. There was a move above the $1,520 and $1,540 levels. Ether price corrected above the 23.6% Fib retracement level of the recent decline from the $1,619 swing high to the $1,501 low.

The price is now trading below $1,580 and the 100 hourly simple moving average. There is also a key major bearish trend line forming with resistance near $1,580 on the hourly chart of ETH/USD.

Immediate resistance on the upside is near the $1,560 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $1,619 swing high to the $1,501 low. The first major resistance is near the $1,580 level and the bearish trend line.

Source: ETHUSD on TradingView.com

A clear break above the bearish trend line and then $1,600 could set the pace for a decent increase. In the stated case, the price could rise to the $1,650 level. Any more gains might send the price toward the $1,700 resistance zone.

Fresh Decline in ETH?

If Ethereum fails to climb above the $1,580 resistance, it could start another decline. Initial support on the downside is near the $1,525 level.

The first major support is near the $1,500 level. A downside break below the $1,500 zone might increase selling pressure. In the stated scenario, the price could decline toward the $1,420 support zone in the near term.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now above the 50 levels.

Major Support Level – $1,500

Major Resistance Level – $1,580

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