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

• 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.

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.