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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ethereum Price Rebound Stalls—Can It Reclaim the Lost Support?

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Ethereum price failed to recover above $1,700 and dropped below $1,550. ETH is now correcting losses and might face resistance near the $1,620 zone.

  • Ethereum failed to stay above the $1,620 and $1,550 levels.
  • The price is trading below $1,620 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at risk of more losses if it fails to clear the $1,620 resistance zone.

Ethereum Price Recovery Faces Resistance

Ethereum price failed to stay above the $1,700 support zone and extended losses, like Bitcoin. ETH declined heavily below the $1,650 and $1,620 levels.

The bears even pushed the price below the $1,550 level. A low was formed at $1,410 and the price recently corrected some losses. There was a move above the $1,550 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,815 swing high to the $1,410 low.

However, the bears are active near the $1,620 zone. Ethereum price is now trading below $1,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,615 level.

There is also a connecting bearish trend line forming with resistance at $1,615 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the downward move from the $1,815 swing high to the $1,410 low. The next key resistance is near the $1,660 level.

Ethereum Price

The first major resistance is near the $1,720 level. A clear move above the $1,720 resistance might send the price toward the $1,820 resistance. An upside break above the $1,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,540 level. The first major support sits near the $1,505 zone.

A clear move below the $1,505 support might push the price toward the $1,420 support. Any more losses might send the price toward the $1,380 support level in the near term. The next key support sits at $1,320.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,540

Major Resistance Level – $1,620

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