Ethereum Price Just Saw Bearish Breakdown: Can Bulls Save The Day?

Ethereum price dropped further below $1,600 against the US Dollar. ETH is in the red zone and might dive toward the $1,500 support zone. Ethereum is gaining pace below the $1,600 support zone. The price is trading below $1,600 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair is struggling and might dive further toward the $1,500 support in the short term. Ethereum Price Extends Losses Ethereum’s price remained in a bearish zone below the $1,660 and $1,670 resistance levels. ETH declined below the $1,600 support level to move further enter a bearish zone, like Bitcoin. The price even declined below the $1,580 level and settled below the 100-hourly Simple Moving Average. A low was formed near $1,571 and the price is now consolidating losses. The price is testing the 23.6% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low. Ether is now trading below $1,580 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,590 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low. The next major resistance is near $1,600 and the trend line. Source: ETHUSD on TradingView.com The main hurdle is now forming near $1,620. A close above the $1,620 resistance might send the price toward the $1,650 resistance. If the bulls pump Ethereum above $1,650, the price could rise toward $1,720. Any more gains might open the doors for a move toward $1,820. More Losses in ETH? If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,570 level. The next key support is $1,540. A downside break below $1,540 might push the price further into a bearish zone. In the stated case, there could be a drop toward the $1,500 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,570 Major Resistance Level – $1,600