There Could be more Decline in the Price of ETH

Major Signals

• Ethereum climbed near the $577 level before declining below $565
• ETH/USD is bearish below the $550 zone on the 100 hourly simple MA
• ETH/USD pair is at risk of a drastic decline below USD 530.

ETH rose to reach the 577 dollar level before going below the 565 dollar level. With the rate in decline, it is an indication that it might test the 550 dollar zone very soon. And if the decline continues, there are chances or risks that it goes down to as much as 540 or 530 dollar level.

ETH's slow decline is caused by the fact that ETH couldn't pass the 580 dollars resistance level. Despite trading above 577 dollars, the inability to go past that level has caused issues just the same way BTC couldn't pass the 18,000 dollar level, and XRP has also gone down to a price below 0.565 dollars.

Before we can see any positive sign or any positive move in the price of ETH, we must see a gain in momentum for the altcoin price to go above or near the 580 dollar zone.

On the contrary, if this altcoin doesn't clear the 555 or 560 resistant level, it might still go down to the 540 support zone. And if anything happens, it will shift down until they visit the 500 dollar support zone.

Are you positive or negative about ETH?