Ethereum’s price has been struggling (since the last minor rally following the SEC news) to move higher beyond the 510 USD and 520 USD resistance levels from the 20-day EMA. The chart indicates a bearish pattern in place with support at 505 USD via the 4-hour chart of the pair. This is an indication that the ETH/USD pair remains at risk of suffering more losses should there be a break below the 505 USD and 510 USD support ranges.
Ether’s price has slowly moved lower against the USD, and the ETH/USD pair could decline even further if sellers stay in control below the 500 USD mark.
Price Resistance Levels For Ether
In the past week, ETH’s price had attempted an upside rally that saw it recover from the 448 USD low against the USD attained just days ago. The price ultimately traded above the 500 USD resistance level and managed to climb above the 23.6% Fibonacci retracement level from the last drop beginning from the 609 USD high to the 448 USD low. However, prices faced significant resistances above the 510 USD level, which protected more profits above said level.
There was rejection from the 530 USD resistance mark. Moreover, the 50% Fibonacci retracement level from the last drop starting from the 609 USD high to the 448 USD low acted as stiff resistance. Looking further we can see a critical bearish pattern in place with initial resistance at the 505 USD level on the 4-hour chart. The pair struggled to shift above this pattern and 530 USD. It is moving lower and trading below the 510 USD and 500 USD levels. The pair remains at risk of more losses should buyers fail to suffice and move prices above the resistance pattern and the 520 USD level.
The price hasn’t been able to comfortably move higher than 510 USD. On the downside, there is initial support at the 485 USD level. Below this level, prices may decline further to the 450 USD level.