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Ethereum (ETH) Price Analysis: May Fall Hard Below This Level

prediction
  • Ethereum failed to overcome the main $ 580 resistance against the US dollar. The ETH price is falling, showing signs of decline below the $ 560 and $ 550 levels. According to Aayush Jindal’s technical analysis:
  • Ethereum peaked near the $ 577 level and began a new drop below $ 565.
  • The price is showing signs of falling below the $ 550 zone and the 100-hour simple moving average.
  • On the hourly ETH / USD chart, there are two significant downward trend lines formed with resistance around $ 560 and $ 575 (according to Kraken data).
  • The pair remain at risk of falling sharply below the $ 540 and $ 530 levels in the near term.

Ethereum Price Falls
An attempt by Ethereum to clear the $ 580 resistance zone failed. The price of ETH soared to $ 577, and a new drop has recently begun. It was a break below the $ 565 pivot level to trigger a new downward movement.

The price of Bitcoin also fell below $ 18,000, and XRP also fell below $ 0.565. The Ethereum Price broke the $ 550 support level. The move from $ 530 to $ 577 was a net break below the 50% Fib retreat level.

The price is now showing signs of falling below the $ 550 zone and 100-hour simple moving average. Initial support is close to $ 540. That’s close to the 76.4% Fib retreat of the move, which rose from $ 530 to $ 577.

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The Bulls face many hurdles starting at $ 555. ETH / USD has two significant downward trend lines on its hourly chart, with resistance around $ 560 and $ 575.

To move into positive territory, the ETH needs to gain momentum above $ 560 and then clear the downward trend line. The main resistance is still near the $ 580 zone.

Will Ethereum (ETH) continue to fall?
If Ethereum fails to pass the resistance levels of $ 555 and $ 560, it may continue to move downward. An initial support zone is forming near the $ 540 level.

The next big boost is near the $ 530 level. If below this level, there is a greater risk of a decline. In the stated case, the price can break the $ 520 support and revisit the $ 500.

Technical Indicators

  • Hourly MACD-gains momentum in the MACD drop zone for ETH/USD.
  • For hourly RSI – ETH/USD, the RSI is currently well below the 50 level.
  • Main support level – US $ 530
  • Main resistance level: US $ 565

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