Ethereum started a down correction and traded below $ 1,600 against the US dollar. The ETH price found support near USD 1,487 and it is currently recovering losses.
- Ethereum started a downside correction below the USD 1,650 and USD 1,600 levels.
- The price is now trading below $ 1,650 and the 100 simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 1,660 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is likely to move higher once it clears the USD 1,650 and USD 1,660 resistance levels in the near term.
Ethereum price remains good offer
After hitting a new all-time high near $ 1,760, Ethereum entered a short run downward correction. ETH traded below the USD 1,650 and USD 1,600 support levels. There was also a break below the USD 1,560 support level and the simple 100-hour moving average.
Ether tested the USD 1,500 support zone and it is bottoming out near USD 1,487. The price is currently moving higher and trading above the USD 1,550 level. There was a break above the 23.6% Fib retracement level of the downward move from the high of $ 1,763 to the low of $ 1,487.
The price is now facing resistance near the USD 1,620 level and 100-hour easy moving average. The 50% Fib retracement level of the downward move from the $ 1,763 high to $ 1,487 low is also at $ 1,625.
Source: ETHUSD on TradingView.com
The next key resistance is near the USD 1,650 level. A major bearish trendline is also forming with resistance near $ 1,660 on the ETH / USD hourly chart. A clear break above the trendline resistance and USD 1.665 could open the doors for a steady increase. In the case mentioned, the price is likely to reenter the high of USD 1,760 in the near term.
Dips supported in ETH?
If Ethereum fails to clear the USD 1,620 and USD 1,650 resistance levels, it could trigger another decline. On the downside, an initial support is near the USD 1,560 and USD 1,550 levels.
A downside break below the USD 1,550 support zone could lead to strong bearish moves. The next big support is near the USD 1,500 level, below which the price could drop towards the USD 1,450 support (a multi-touch zone).
MACD per hour – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently just above the 50 level.
Major Support Level – USD 1,550
Major Resistance Level – USD 1,650