Ethereum Weakened Below $600, 100 SMA Could Trigger New Increase

Ethereum weakened below $600  and started a downside correction from the $620 zone against the US dollar. The price is now trading near a major support line of $580 and the 100 hourly SMA as we are reading in today’s Ethereum price news.

Ethereum weakened below and started a downside correction after it failed to surpass the $620 and the $625 resistance levels. The price was trading below the $600 support but it still traded above the 100 hourly simple moving average with a key declining channel forming with resistance close to the $600 on the hourly chart of ETH/USD with the pair could either climb above the $600 or extend the decline to the $550 support level. There were two attempts by Ethereum to surpass the $620 resistance level but it failed and as a result, there was a bearish reaction and the price surpassed the $612 and the $600 support levels.

The decline gained pace below the $600 support level with the price breaking below the $585 level so ETH found support near the $580 level and it is still well above the 100 hourly simple moving average. The price is consolidating losses above the $580 support and it is testing the 23.6% fib retracement level from the decline from $612 swing high to $580 swing low. looking at the upside, there’s a major resistance forming near the $600 level with a key declining channel forming on the $600 zone on the hourly charts for the pair. The channel coincides with the 50% fib retracement level from the recent decline at 2 swing high to 0 swing low.
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A break above the channel resistance could start a fresh increase above $605 with the next major resistance is close to $612 above which ether will revisit the $620 resistance zone. If ETH fails to break the $600 resistance level there will be more losses and the first support is close to the $580 level below which the price will be able to test the 100 hourly simple moving average at $570. The clear break below the 100 hourly simple moving average could initiate a larger downside correction below the $565 so the next possible target could be near $550 level.

The hourly MACD for ETH/USD is slowly gaining momentum in the bearish zone. The hourly RSI for the pair is well below the 50 levels. The major support level is set at $580 while the major resistance level is set at $600.