Ethereum Price Grinds Lower As Bears Target Fresh Low Below $1,550

2023-08-23 04:50:54

Ethereum price is facing many hurdles below the $1,700 resistance against the US Dollar. ETH could extend its decline below the $1,580 and $1,550 levels.

Ethereum is still struggling to recover above the $1,700 and $1,720 levels.
The price is trading below $1,680 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline if it breaks the $1,580 support in the near term.

Ethereum Price Faces Uphill Task

Ethereum’s price failed to climb above the $1,700 resistance zone. ETH started a fresh decline below the $1,650 and $1,620 levels, similar to Bitcoin.

The price even spiked below the $1,600 support and tested $1,580. A low was formed near $1,580 and the price is now attempting a fresh recovery. There was a move above the $1,600 level. The price is now testing the 50% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low.

Ether is also trading below $1,680 and the 100-hourly Simple Moving Average. Besides, there is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,650 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low. The next resistance is near $1,665 or the 100-hourly Simple Moving Average or the trend line.

Source: ETHUSD on TradingView.com

The main barrier is still near the $1,700 zone. A close above the $1,700 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. Any more gains might send the price toward the $1,820 resistance.

Another Drop in ETH?

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.

The first major support is near the $1,580 zone. If there is a downside break below $1,580, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 level or even to a new low below $1,500.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,580

Major Resistance Level – $1,665

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