The price of Ethereum (ETH) has been struggling to make gains and failed to start a fresh increase above $1,600 against the US dollar. Currently, ETH is facing difficulty staying above the $1,550 support zone. The price has extended its decline and tested the $1,550 support zone. It is now trading just below $1,580 and the 100-hourly Simple Moving Average. There is also a bearish trend line forming with resistance near $1,570. If the bulls fail to protect the $1,550 support, the pair could accelerate lower.
Despite attempts to settle above $1,650, Ethereum faced a fresh decline and traded below the $1,620 and $1,600 support levels. It underwent a short consolidation phase before extending its decline. The price dropped below the $1,575 support level and tested $1,550. Currently, it is consolidating losses and trading just below $1,580 and the 100-hourly SMA. There is a bearish trend line forming with resistance near $1,570. The first major resistance level is near the $1,600 zone. On the downside, if Ethereum fails to clear the $1,570 resistance, it could start another decline, with initial support near the $1,550 level.
#Ethereum #cryptocurrency #ETHUSD #priceanalysis #supportlevel #resistancelevel #technicalindicators #bearishtrendline
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