Ethereum’s ETH is consolidating losses near $1,575. The price might climb higher, but upsides might be limited above the $1,600 resistance zone.
Ethereum Price (ETH) Faces Selling Pressure
Ethereum and Bitcoin sharply declined against the US Dollar this past week. The ETH/USD pair declined below the $1,620 and $1,600 support levels.
The price settled below the $1,600 level and the 50 simple moving average (4 hours, blue) to enter a bearish zone. Besides, the price traded below a key rising channel with support near $1,620 on the 4-hours chart.
The price gained bearish momentum and spiked toward the $1,530 level. A low is formed near $1,529, and the price consolidates losses.
It is trading near the 23.6% Fib retracement level of the recent decline from the $1,680 swing high to the $1,529 low. However, the price still trades below the $1,600 level and the 50 simple moving average (4 hours, blue).
Immediate resistance is near the $1,575 level. The first major resistance is near the $1,600 zone. It is near the 50% Fib retracement level of the recent decline from the $1,680 swing high to the $1,529 low.
The main breakout resistance is near the $1,620 zone. A successful close above the $1,620 zone and a follow-up move above the $1,645 resistance could set the pace for another steady increase. The next major resistance is near the $1,680 level. Any more gains might open the doors for a move toward the $1,720 resistance or even $1,740.
More Losses in ETH?
Conversely, the Ethereum price might fail to clear the $1,600 resistance zone. In the stated case, it could continue to move down. Immediate support on the downside sits near the $1,540 level.
The next major support is near the $1,500 level. If a move is below $1,500, there is a risk of an extended decline. In this scenario, the price may perhaps test the $1,435 support. Any more losses below $1,435 could send the price toward the $1,320 zone.
Overall, Ether’s price shows bearish signs below the $1,600 zone and the 50 simple moving average (4 hours, blue). If ETH fails to recover above $1,600, it could start a steady increase. Conversely, the price might continue to move down toward $1,435.
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