Menu

Categories:

Hot right now:

Follow on:

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.

Menu

Categories:

Hot right now:

Follow on:

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 Struggles to Rebound—Key Hurdles In The Way

Share This Post

Ethereum price started a fresh decline below the $1,650 zone. ETH is now consolidating and might decline further below the $1,550 support zone.

  • Ethereum started a fresh decline below the $1,650 and $1,620 levels.
  • The price is trading below $1,600 and the 100-hourly Simple Moving Average.
  • There is a new connecting bearish trend line forming with resistance at $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $1,655 resistance zone.

Ethereum Price Faces Resistance

Ethereum price struggled to continue higher above $1,700 and started a fresh decline, like Bitcoin. ETH declined below the $1,620 and $1,600 support levels. It even spiked below $1,550.

A low was formed at $1,538 and the price is now correcting some losses. There was a move above the $1,565 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low.

Ethereum price is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level. There is also a new connecting bearish trend line forming with resistance at $1,600 on the hourly chart of ETH/USD.

The next key resistance is near the $1,615 level or the 50% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low. The first major resistance is near the $1,650 level. A clear move above the $1,650 resistance might send the price toward the $1,690 resistance.

Ethereum Price

An upside break above the $1,690 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,560 level. The first major support sits near the $1,535 zone.

A clear move below the $1,535 support might push the price toward the $1,500 support. Any more losses might send the price toward the $1,420 support level in the near term. The next key support sits at $1,400.

Technical Indicators

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

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

Major Support Level – $1,535

Major Resistance Level – $1,650

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bit Digital Aims for $500M Raise to Fuel HPC, Cloud Expansion

Bit Digital plans to raise up to $500 million through an at-the-market (ATM) equity offering The offering will be facilitated by investment bank HC Wainwright & Co, which will earn a commission

Bitcoin: Not Uncoupled, But Unbothered

Last week bitcoin’s rally past $94,000 reignited a long-running debate: is one of the world’s most volatile assets finally behaving like a safe haven This editorial is from last week’s edition

AI and Blockchain Explorers: Arkham and Blockchair Reshape Onchain Visibility

In recent years, blockchain explorers have advanced significantly, and with the rise of generative artificial intelligence (AI), their capabilities have expanded further Below, we examine two leading

Ethereum Price Sits Above Crucial Support Level — Is A Fall To $1,500 Possible?

The quick burst of bullish momentum in the crypto market in the closing weeks of April saw the Ethereum price close the month above $1,800 However, the altcoin failed to end the month in profit,

Tim Draper Foresees Bitcoin Could Be Worth Infinite US Dollars

Bitcoin could be worth an infinite amount of US dollars, says Tim Draper, sounding alarms over collapsing fiat trust, historic dollar weakness, and accelerating crypto dominance Tim Draper Urges

Bitcoin Holds Above $95K Despite Weak Blockchain Activity — Analytics Firm Explains Why

Historically, the Bitcoin price is an indicator of the blockchain’s health, with high activity often correlating with strong and positive price action However, the largest cryptocurrency market