Ethereum Price Faces Uphill Task and Could Restart Decline To $1,500

Ethereum price is attempting a recovery wave above $1,580 against the US Dollar. ETH is struggling to clear $1,620 and might start another decline. Ethereum is struggling to gain pace for a move above $1,600 and $1,620. The price is trading below $1,600 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline unless there is a close above $1,620. Ethereum Price Struggles Above $1,600 Ethereum’s price started an upside correction from the $1,530 level. ETH managed to recover above the $1,560 and $1,580 resistance levels, like Bitcoin . The bulls even pushed the price above the 50% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. The price climbed above the $1,600 resistance level and the 100-hourly Simple Moving Average. However, the bears took a stand near the key resistance at $1,620 . Ether failed to clear the 61.8% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. There is also a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD. Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,595 level or the trend line. The next resistance is near the $1,620 level. A close above the $1,620 resistance might send the price toward the $1,670 resistance. Source: ETHUSD on TradingView.com The next major hurdle is near the $1,720 level. A close above the $1,720 level might send Ethereum further higher toward $1,800. Another Drop in ETH? If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,565 level. The first key support is close to $1,550. The next key support is $1,530. A downside break below $1,530 might push the price further lower toward the $1,500 zone. In the stated case, the price could even decline toward the $1,440 level in the near term. 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 now below the 50 level. Major Support Level – $1,550 Major Resistance Level – $1,620