Ethereum declined towards the $530 zone before recovering above $550 against the US Dollar. ETH price is now facing a strong resistance near the $580 level and the 100 hourly SMA.

There was a downside extension in bitcoin and Ethereum below $18,000 and $550. ETH price even broke the $540 support level and settled well below the 100 hourly simple moving average.

It traded as low as $529 before starting a decent upward move. There was a sharp recovery wave above the $540 and $550 levels. Ether price even broke the $565 resistance, but it faced a strong resistance near the $580 zone and the 100 hourly simple moving average (as discussed yesterday, support turned resistance).

There is also a major bearish trend line forming with resistance near $584 on the hourly chart of ETH/USD. The pair is now consolidating above the $565 support. It is also holding the 23.6% Fib retracement level of the recent recovery from the $529 swing low to $577 high.

The next major support is near the $550 level or the 50% Fib retracement level of the recent recovery from the $529 swing low to $577 high.

On the upside, the price is clearly facing a strong resistance near $580 and the 100 hourly simple moving average. To start a steady increase, ether must surpass the 100 hourly SMA, $580, and $584. The next major resistance is near the $600 level.

If ethereum fails to clear the $580 and $585 resistance levels, it could start a fresh decline. A clear break below the $565 support zone might spark a bearish wave.

The next major support is near the $550 zone, below which there is a risk of a larger decline. In the stated case, the price could even break the $529 swing low.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently above the 50 level.

Major Support Level – $565

Major Resistance Level – $580

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