Ethereum started another downside correction below $1,600 against the US Dollar. ETH is trading above $1,550, but it might face resistance near $1,600.
- Ethereum is correcting gains from the $1,650 and $1,660 levels.
- The price is now trading below $1,620 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support at $1,575 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could attempt a fresh increase if there is a clear move above the $1,600 resistance.
Ethereum Price Starts Correction
Ethereum price made another attempt to clear the $1,660 resistance zone. However, ETH failed to surpass the $1,660 and started a downside correction, similar to bitcoin.
There was a move below the $1,640 and $1,620 support levels. There was also a break below a major bullish trend line with support at $1,575 on the hourly chart of ETH/USD. The pair even spiked below the $1,550 level and traded as low as $1,530.Ether price is now trading below $1,620 and the 100 hourly simple moving average. There was a minor recovery wave above the $1,550 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low.
An immediate resistance is near the $1,580 level. The next major resistance is near the $1,600 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low.
More Dips in ETH?
If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,550 level.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,515 Major Resistance Level – $1,600
