Ethereum fell to the USD 530 zone before rebounding above USD 550 against the US dollar. ETH price is now facing a strong resistance near the USD 580 level and the 100 hourly SMA.
- Ethereum started a strong wave of recovery above the USD 550 and USD 565 resistance levels.
- The price is now facing hurdles near the USD 580 level and the 100 easy hourly moving average.
- A major bearish trendline is forming with resistance near $ 584 on the ETH / USD hourly chart (data feed via Kraken).
- The pair must surpass 100 hourly SMA, $ 580 and $ 584 to start a surge.
Ethereum price is facing a strong barrier
There was a downside extension bitcoin and Ethereum below USD 18,000 and USD 550. ETH price even broke the USD 540 support level and settled well below the 100 easy hourly moving average.
It traded as low as USD 529 before starting some decent upward movement. There was a sharp wave of recovery above the USD 540 and USD 550 levels. Ether price even broke the USD 565 resistance but faced a strong resistance near the USD 580 zone and the 100-hour simple moving average (As discussed yesterday, support turned resistance).
Source: ETHUSD on TradingView.com
A major bearish trendline is also forming with resistance near $ 584 on the ETH / USD hourly chart. The pair is now consolidating above the USD 565 support. It also maintains the 23.6% Fib retracement level from the recent rebound from the $ 529 swing low to the $ 577 high.
The next big support is near the USD 550 level or the 50% Fib retracement level of the recent rebound from the USD 529 swing low to USD 577 high.
On the upside, the price is clearly facing a strong resistance near USD 580 and the simple 100-hour moving average. To start a steady increase, ether must surpass 100 SMA per hour, $ 580 and $ 584. The next big resistance is near USD 600.
New bearish break in ETH?
If ethereum fails to clear the USD 580 and USD 585 resistance levels, it could trigger another decline. A clear break below the USD 565 support zone could trigger a bearish wave.
The next big support is near the USD 550 zone, below which there is a risk of a larger decline. In the case mentioned, the price could even break the swing low of $ 529.
MACD per hour – The MACD for ETH / USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently above the 50 level.
Major Support Level – $ 565
Major Resistance Level – $ 580