Ethereum Price Is Below $ 600! Here Are The Short Term Goals.
Ethereum price surged to a new annual high of $ 636 before correcting a bearish against the US Dollar. According to successful analyst Aayush Jindal , Ethereum price shows bearish signs and could drop heavily if there is a break below $ 570.
- Ethereum price started a downside correction after trading from a new annual high at $ 636.
- The price is trading below the $ 600 level and is approaching the 100 hourly simple moving average.
- There is a key bearish trend line showing resistance near $ 590 on the hourly chart of ETH / USD (data feed via Kraken).
- If the pair fails to stay above the $ 570 and 100 hourly SMA, it will likely continue to decline.
Ethereum price fell hard! Famous analyst: ETH may continue to decline
Ethereum price recently rose above the $ 600 and $ 620 levels. ETH price even broke the previous high and rose to a new one-year high from $ 636. However, the bulls failed to gain strength, and there was a sharp drop below $ 620 (similar to Bitcoin). The price broke the $ 600 support level to move into a short term bearish zone.
The last swing before the price drops to the $ 575 support is near $ 620. A low was formed around $ 574 and the price is currently consolidating losses. ETH traded above the 23.6% Fib retracement level of the last decline from $ 620 to $ 574. Ether is currently facing strong resistance near the $ 590 and $ 595 levels. There is a key bearish trend line with resistance near $ 590 on the hourly chart of ETH / USD.
Here are the key levels that Ethereum could see soon
The 50% Fib retracement level of the last decline from the $ 620 low to $ 574 low. A clear break above trendline resistance followed by $ 597 could initiate a decent increase, according to the analyst. The next key resistance is near the $ 600 level, according to the analyst. A successful close above the $ 600 level could steer the price towards the $ 620 resistance in the near term.
If Ethereum fails to clear the trendline resistance and $ 597, there is a greater risk of downsides. The initial support is near the $ 575 level, according to the analyst. The main support is formed near the $ 570 level and the 100 hourly simple moving average. A proper close below the $ 570 level and the 100 hourly SMA level could lead to a sharp decline towards the $ 550 and $ 530 levels.
Current outlook of Ethereum price with technical indicators
Hourly MACD: The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI: The RSI for ETH / USD is currently well below the 50 level.
Major Support Level: $ 570.
Major Resistance Level: $ 600.