NewsBTC9 minutes ago

Published on October 11, 2023 04:48 GMT+00:00edited on October 11, 2023 04:49 GMT+00:00

Ethereum price is struggling to stay above the $1,550 support against the US dollar. ETH could take a hit if it settles below $1,550 and then $1,540.

• Ethereum is showing bearish signs and struggling to clear the $1,600.
• 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 a recovery wave if the bulls defend the $1,550 support zone.

Ethereum Price Struggles

Ethereum failed to start a recovery wave above the $1,600 resistance zone. ETH remained in a bearish zone and extended its decline toward $1,550, like Bitcoin.

It seems like the bears already attempted a close below the $1,550 support zone. A new swing …