#Ethereum is currently experiencing a bearish trend, similar to that of Bitcoin. It is facing difficulties in maintaining its position above a crucial level.
The price of Ethereum is currently experiencing a downward trend, falling below $1,600 against the US Dollar. In order to initiate a recovery wave, it is crucial for ETH to remain above the support zone of $1,500. Unfortunately, Ethereum's price was unable to surpass the resistance levels of $1,580 and $1,600, resulting in a high of only $1,571 before beginning a new decline. As a result, the support zone of $1,545 was breached.
The #price of Ether recently hit a low of $1,523, but the bulls were quick to take action and keep it above the $1,500 level. Currently, it is experiencing a consolidation of losses below $1,550 and the 50 hourly simple moving average. In a positive turn, the Ether price has corrected slightly above the $1,540 resistance zone. However, it is still trading below the 23.6% Fib retracement level of the downward move from the $1,570 swing high to the $1,523 low.
ETH/USD #priceanalysis is currently encountering resistance in the $1,550 range. Additionally, a bearish trend line is forming, connecting with resistance at the same level on the hourly chart. The next significant obstacle is at the $1,580 mark, and if surpassed, the price could potentially experience a substantial increase. The final major resistance lies at the $1,600 threshold, and if the price manages to close above it, a significant upward trend may ensue, potentially leading to a rise towards the $1,650 level.
ETH is currently facing a crucial challenge. It must surpass the $1,560 #resistance level to avoid a potential decline. However, if it fails to do so, it may experience another setback. In the event of a decline, the initial support level is expected to be around $1,520, followed by a major support zone at $1,500. If the price falls below this level, it could plummet towards $1,440, and any further losses may lead to a test of the $1,400 level.
KEY LEVELS :
RESISTANCE LEVEL : $1,560-$1,590
SUPPORT LEVEL : $1,500-$1,460