Ethereum struggled to clear the $1,600 resistance and corrected lower against the US Dollar. ETH may remain supported and may rise from the $1,500 support.
- Ethereum corrected its gains from the $1,600 and $1,580 resistance levels.
- The price is currently trading below $1,550 and the hourly simple moving average is 100.
- There is a break below the key bullish trend line with support near $1,580 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rise again if it stays above the $1,500 support zone.
Ethereum Price Remains Supported For Further Gains
Ethereum price is struggling to clear the $1,600 resistance zone. ETH formed a high near $1,610 and started a new downside correction, similar to bitcoin from $21,500.
There is a clear move below the $1,580 and $1,550 support levels. There is a break below a key bullish trend line with support near $1,580 on the ETH/USD hourly chart. Bears even pushed the price below the $1,545 support.
The price of ether is currently trading below $1,550 and the hourly simple moving average is 100. It traded up to $1,480 and is currently losing. There was a minor rise above the 23.6% Fib retracement level of the recent decline from the $1,610 swing high to the $1,480 low.
Immediate resistance is near the $1,540 level and the hourly simple moving average is 100. It is near 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. A break above the $1,560 resistance zone can start a new increase.
Source: ETHUSD on TradingView.com
In that case, the price may rise towards the $1,600 resistance. Another gain could send the price to $1,650 or even $1,700 in the near term.
Limited Dips in ETH?
If ethereum fails to clear the $1,545 resistance, it could continue to decline. 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. Any losses can get a test of $1,400 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Main Support Level – $1,500
Main Resistance Level – $1,545