Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum struggled to clear the $1,600 resistance and corrected lower against the US Dollar. ETH could remains supported and might rise from 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 could rise again if it stays above the $1,500 support zone.
Ethereum Price Remains Supported For More Gains
Ethereum price struggled to clear the $1,600 resistance zone. ETH formed a high near $1,610 and started a fresh downside correction, similar to 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. The bears even pushed the price below the $1,545 support.
Ether price is now trading below $1,550 and the 100 hourly simple moving average. It traded as low as $1,480 and is currently consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,610 swing high to $1,480 low.
An immediate resistance is near the $1,540 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $1,610 swing high to $1,480 low. The next major resistance is near the $1,560 level. An upside break above the $1,560 resistance zone could start a fresh increase.
Source: ETHUSD on TradingView.com
In the stated case, the price may perhaps rise towards the $1,600 resistance. Any more gains might send the price towards $1,650 or even $1,700 in the near term.
Dips Limited in ETH?
If ethereum fails to clear the $1,545 resistance, it could continue to move down. An 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 might test the $1,435 support. Any more losses might call for a test of the $1,400 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,500
Major Resistance Level – $1,545
