Ethereum Price Analysis: ETH Could Struggle To Recover

• Ethereum price is struggling to recover above the $1,600 resistance against the US Dollar.
• ETH price is now trading below $1,600 and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $1,620 the 4-hours chart (data feed from Coinbase).
• The pair could recover, but it is likely to face sellers near the $1,600 resistance zone.

Ethereum price is declining below $1,600 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,550 support zone.

Ethereum Price Analysis

This past week, ethereum struggled to clear the $1,670 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,670 level but failed.

A swing high was formed near $1,678 and the price started a fresh decline. There was a drop below the $1,620 and $1,600 support levels. The pair even spiked below the $1,550 support. A low is formed near $1,547 and the price is now consolidating losses.

It is now trading below $1,600 and the 55 simple moving average (4-hours). On the upside, the price is now facing resistance near the $1,580 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,678 swing high to $1,547 low.

The next major resistance is near the $1,600 level. The next major resistance is near the $1,620 zone or the 50% Fib retracement level of the recent decline from the $1,678 swing high to $1,547 low.

A clear move above the $1,600 and $1,620 resistance levels might call for a fresh move to $1,670. Any more gains could even send the price towards the $1,740 resistance zone or even $1,800 in the near term.

On the downside, an initial support is near the $1,550 level. The next major support is now near the $1,500 level. A break below the $1,500 support could push the price to $1,420. If the bulls fail to protect the $1,420 support, the price might decline towards $1,350.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below $1,600 and the 55 simple moving average (4-hours). Overall, ether price could recover, but it is likely to face sellers near the $1,600 resistance zone.

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 – $1,550, followed by the $1,500 zone.

Key Resistance$ Levels – $1,600 and $1,620.

Tags: ETH, Ethereum