Ethereum failed to break the $1,600 resistance. It corrected lower against USD. ETH could be supported and may rise from the $1500 support.
- Ethereum is correcting gains made from $1,600- and $1,580-resistance levels.
- The price currently trades below $1,550 and the 100-hourly simple moving average.
- The hourly chart of ETH/USD showed a break below the key bullish trendline with support at $1,580 (data feed via Kraken).
- If the pair remains above $1,500, it could climb again.
Ethereum Price Supported For Further Gains
The $1,600 resistance area was not cleared by Ethereum. ETH hit a high of nearly $1,610, and began a fresh downward correction, similar in nature to bitcoin starting at $21,500.
The $1,580/$1,550 support levels were clearly breached. On the hourly chart for ETH/USD, there was a break below a key bearish trend line. There is support at $1,580. Even lower than the $1,545 support, the bears pushed the price.
The Ether price is currently trading below $1550 and the 100 hourly simple movement average. It traded as low $1,480. It is currently consolidating losses. The Fib retracement level at 23.6% of the decline from $1,610 swing highs to $1,480 lows was slightly higher than the minor increase.
The $1,540 level and 100 hourly simple moving mean are the immediate resistance levels. It is close to the 50% Fib level of the recent fall from $1,610 swing high and $1,480 low. Near the $1,560 mark is the next major resistance. An upside break above $1,560 could signal a fresh uptrend.
Source: ETHUSD on TradingView.com
The price could rise to $1,600 in the above scenario. In the short term, any further gains could push the price to $1,650, or even $1,700.
Dips Limited in Ethereum?
If ethereum fails the $1,545 resistance it may continue to fall. The $1,500 level is the initial support.
The $1,480 support level is the next major resistance. A move below $1480 could lead to the price testing the $1,435 resistance. If there are more losses, the price might test the $1,400 area.
Hourly MACD – The MACD of ETH/USD is now moving in the bearish area.
Hourly RSI – The RSI is currently below 50 for USD/ETH.
Major Support Level – $1,500
Major Resistance Level – $1,545