Ethereum Price Analysis: ETH At Risk of Fresh Decline

• Ethereum price started a fresh decline from the $1,680 zone against the US Dollar.
• ETH price is now trading below $1,600 and the 55 simple moving average (4-hours).
• There is a major contracting triangle forming with support near $1,530 on the 4-hours chart (data feed from Coinbase).
• The pair could decline heavily if there is a clear move below the $1,500 support zone.

Ethereum price is struggling below $1,600 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,500 zone.

Ethereum Price Analysis

This past week, ethereum faced a rejection near the $1,680 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,620 level.

There was a clear move below the $1,600 and $1,580 support levels. The pair accelerated lower below the $1,560 level and the 55 simple moving average (4-hours). There was a move below the 61.8% Fib retracement level of the upward move from the $1,502 swing low to $1,677 high.

It is now trading below $1,600 and the 55 simple moving average (4-hours). There is also a major contracting triangle forming with support near $1,530 on the 4-hours chart.

The price is now trading just below the 76.4% Fib retracement level of the upward move from the $1,502 swing low to $1,677 high. On the downside, an initial support is near the $1,530 level. The next major support is now near the $1,500 level.

A break below the $1,500 support could push the price to $1,420. Any more losses could lead the price towards $1,380 or even $1,350.

An immediate resistance is near the $1,565 level. The next major resistance is near the $1,580 zone and the triangle upper trend line. A clear move above the $1,580 and $1,600 resistance levels might call for a decent increase to $1,680. Any more gains could even send the price above the $1,800 resistance zone.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $1,580 zone and the 55 simple moving average (4-hours). Overall, ether price could decline heavily if there is a clear move below the $1,500 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $1,530, followed by the $1,500 zone.

Key Resistance$ Levels – $1,580 and $1,600.

Source