Ethereum struggled to clear the $1,600 resistance and corrected lower against the US dollar. ETH may remain supported and rise above the $1,500 support.
- Ethereum is correcting gains from the $1,600 and $1,580 resistance levels.
- The price is now trading below $1,550 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $1,580 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may rise again if it remains above the $1,500 support zone.
Ethereum price continues to support further gains.
Ethereum price struggled to clear the $1,600 resistance zone. ETH established a high near $1,610 and started a similar fresh bearish correction. Bitcoin From $21,500.
There was a clear move below the $1,580 and $1,550 support levels. There was a break below a key bullish trend line with support near $1,580 on the hourly chart of ETH/USD. Bears even pushed the price below the $1,545 support.
The price of Ether is now trading below $1,550. 100 hourly simple moving average. It traded as low as $1,480 and is currently consolidating losses. A slight rise above the 23.6% Fib retracement level of the recent low is $1,480 below the $1,610 swing high.
An immediate resistance is near the $1,540 level and the 100 hourly simple moving average. This is close to the 50% Fib retracement level of the recent decline from the $1,610 swing high to the $1,480 low. The next major resistance is near the $1,560 level. An upside break above the $1,560 resistance zone could initiate a fresh rally.
Source: ETHUSD on TradingView.com
In the described scenario, the price may move towards the $1,600 resistance. Any further gains could send the price towards $1,650 or even $1,700 in the near term.
Limited Dips in ETH?
If Ethereum fails to clear the $1,545 resistance, it may move lower. Initial support on the downside is near the $1,500 level.
The next major support is near the $1,480 level. If there is a move below $1,480, the price may test the $1,435 support. Further losses could call for a test of the $1,400 zone.
Hourly MACD – The MACD for ETH/USD is now gaining strength in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key support level – $1,500
Key resistance level – $1,545
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