Ethereum price extended its decline below the $1,520 level against the US Dollar. ETH must clear the $1,540 resistance zone to start a decent increase.
- Ethereum remained in a bearish zone below $1,550 and $1,540.
- The price is now trading below $1,540 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,515 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $1,540 resistance.
Ethereum Price Faces Resistance
Ethereum price remained in a bearish zone below the $1,600, similar to bitcoin. ETH traded below the $1,550 and $1,540 support levels. It even spiked below the $1,500 level.
A new weekly low is formed near $1,463 and the price is now consolidating losses. Ether price is struggling below $1,540 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,515 on the hourly chart of ETH/USD.
More Losses in ETH?
If ethereum fails to clear the $1,515 resistance or the trend line, it could continue to move down. An initial support on the downside is near the $1,475 level.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,460 Major Resistance Level – $1,540