Ethereum price found support near $1,540 against the US Dollar. ETH is consolidating losses and might attempt a recovery wave above $1,580.
- Ethereum started a major decline below the $1,620 zone.
- The price is trading below $1,600 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but upsides might be limited above the $1,600 level.
Ethereum Price Faces Resistance
Ethereum price found support near the $1,540 zone after a major decline. ETH traded as low as $1,542 and recently started a consolidation phase, similar to bitcoin.
There was a minor increase above the $1,560. The price spiked above the 50% Fib retracement level of the downward wave from the $1,677 swing high to $1,542 low. However, ether price is still trading below $1,600 and the 100 hourly simple moving average.Fresh Decline in ETH?
If ethereum fails to clear the $1,580 resistance, it could continue to move down. An initial support on the downside is near the $1,550 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 – $1,540 Major Resistance Level – $1,580