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.
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.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
