ETH attempted and failed to go above the $580 hurdle. However, it traded close to $577 and began a new dip. The price even went under $565 to start a new bearish move.
Major Signals
Ether went close to the $577 zone and began a new dip under the $565 level.
Two key bearish trend lines are forming around the $560 and $575 resistance zones.
ETH/USD pair may see a sharp decline below $540.
Ethereum went under the $550 support level, and there was a proper break below the 50% Fibonacci retracement point of the bullish trend from $530 to $570.
On the upper side, the buyers are witnessing some resistance, beginning at $555. Two downward trend line is also building with resistance close to the $560 and $575 level.
Ethereum must gather some pace beyond $560 and close properly above this level to begin a steady uptrend. The critical resistance is close to the $580 level.
However, if ETH cannot go beyond the $555 and $560 resistance zone, it is likely to make a further bearish move, with the first support appearing close to $540.
The primary support is close to $530, and a break below this point could result in a steep decline towards $500.
What do you think about the current price of ETH? Let’s discuss this in the comment section.
