ETH bears fight further while still struggling to clear the $595 resistance against the US dollar with the price remaining at risk of a sharp decline if it breaks the $575 support zone as we are seeing more in the latest Ethereum price news.
Ethereum is still trading well below the main $600 resistance level with the price approaching the $580 support zone with the 100 hourly simple moving average. There was also a break below the major bullish trend line close to the support near the $585 on the hourly chart of the pair with chances to start a major downward move if a clear break below the $575 support. Over the past few days, ETH made a few attempts in gaining a stronger bullish momentum above $594 and $595 but failed to continue higher and eventually ended up trading above $565.
The recent high was formed close to the $593 level before the price dropped below the $590 level with a break below the major bullish trend line with support nearing the $585 on the hourly charts of the pair. The pair broke the 23.6% fib retracement level from the upwards movement of the $577 swing low to the $593 high. Ethereum’s price is approaching the $580 support zone and the 100 hourly simple moving average with the 76.4% fib retracement level from the upward movement at $577 swing low to $593 high which is also near $580. If the price fails to stay above this level, there’s a strong risk of more downsides. The next key support is near the $575 level while a close below it could spark a sharp decline to the $555 level in the near-term.
The ETH bears fight further but if ETH stays above $580 and $575 support levels, it could even move higher with the initial resistance near remaining at the broken trend line of $585. The main resistance is still near the $595 level with a clear break above it and the $600 resistance that could clear the path for a sustained upward movement. The next major resistance is nearing the $620 zone. The technical indicators show that the hourly MACD for the pair is gaining momentum in the bearish zone while the hourly RSI is just below the 55 level.
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The major support level is set at $575 while the major resistance level is set at $595.
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