Ethereum is still struggling to break the USD 595 resistance zone against the US dollar. ETH price continues to risk a sharp decline if it breaks the USD 575 support zone.
- Ethereum is still trading well below the major resistance levels of $ 595 and $ 600.
- The price is now approaching the USD 580 support zone and the 100 hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke below a major bullish trendline with support near USD 585.
- The pair could start a major downside move if there is a significant break below the USD 575 support.
Ethereum price with bearish signs
For the past two days, Ethereum has made some attempts to create positive momentum above the USD 594, USD 595 and USD 600 resistance levels. ETH failed to rise any further and was mostly trading in a range above the $ 565 level.
The recent high was formed near $ 593 before the price fell below the $ 590 level. The ETH / USD hourly chart broke below a major bullish trendline with support near USD 585. The pair even broke the 23.6% Fib retracement level of the bullish move from $ 577 low to $ 593 high.
Ether price is now approaching the USD 580 support zone and the 100 hour simple moving average. The 76.4% Fib retracement level of the move up from $ 577 low to $ 593 high is also close to $ 580.
Source: ETHUSD on TradingView.com
Unless the price stays above the $ 580 support and 100-hour SMA, there are other downsides at risk. The next major support is near the USD 575 level. A close below the $ 575 support zone could trigger a sharp short-term dip towards the $ 565 and $ 555 levels.
New rise in ETH?
If Ethereum stays above the USD 580 and USD 575 support levels, it could move higher in the mentioned area. Initial resistance is near the broken trendline and at $ 585.
The main resistance is still near the USD 595 level. A sharp break above the USD 595 and USD 600 resistance levels could potentially pave the way for sustained upward movement. The next major resistance is near the $ 620 zone.
Hourly MACD – – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – – The RSI for ETH / USD is currently just below the 55 level.
Main Support Tier – $ 575
Main Resistance Level – $ 595