Ethereum Price Analysis: ETH Could Take A Major Hit

• Ethereum price is struggling below the $1,650 resistance against the US Dollar.
• ETH price is now trading below $1,660 and the 55 simple moving average (4 hours).
• There is a connecting bearish trend line forming with resistance near $1,650 on the 4-hour chart (data feed from Coinbase).
• The pair could continue to move down if it stays below $1,650 and $1,660.

Ethereum price is declining below $1,660 against the US Dollar. ETH/USD remains at a risk of more downsides if it breaks the $1,600 support zone.

Ethereum Price Analysis

This past week, Ethereum found support near the $1,580 zone against the US Dollar. ETH price formed a base and started a recovery wave above the $1,600 level.

There was a decent recovery wave above the $1,650 level. However, the bears were active near the $1,745 level. A high was formed near $1,745 and the price saw a fresh decline. It traded below $1,650 and retested the $1,600 support zone.

A low is formed near $1,601 and the price is now consolidating losses. ETH is now trading below $1,660 and the 55 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $1,650 on the 4-hour chart.

On the upside, the price is now facing resistance near the $1,635 level. It is close to the 23.6% Fib retracement level of the downward move from the $1,745 swing high to the $1,601 low.

The next major resistance is near the $1,650 level and the trend line, above which the price could test the 55 simple moving average (4 hours) at $1,660. A clear move above the $1,660 resistance could send the price toward $1,700 or the 61.8% Fib retracement level of the downward move from the $1,745 swing high to the $1,601 low.

On the downside, initial support is near the $1,600 level. The next major support is now near the $1,580 level. A break below the $1,580 support could push the price to $1,540. If the bulls fail to protect the $1,540 support, the price might decline toward $1,450.

Looking at the chart, Ethereum price is trading below $1,650 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,650 and $1,660.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining 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 – $1,600, followed by the $1,540 zone.

Key Resistance$ Levels – $1,650 and $1,660.