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Ethereum price started a fresh increase above the $1,550 zone. ETH is now correcting gains from $1,680 and finding bids near the $1,500 level.
- Ethereum started a decent increase above the $1,550 and $1,600 levels.
- The price is trading below $1,580 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,580 resistance zone.
Ethereum Price Trims Gains
Ethereum price formed a base above $1,400 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,480 and $1,550 resistance levels.
The bulls even pumped the price above the $1,600 zone. A high was formed at $1,687 and the price recently started a downside correction. There was a move below the $1,600 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $1,385 swing low to the $1,687 high.
Ethereum price is now trading below $1,580 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,550 level. There is also a new connecting bearish trend line forming with resistance at $1,550 on the hourly chart of ETH/USD.
The next key resistance is near the $1,580 level. The first major resistance is near the $1,620 level. A clear move above the $1,620 resistance might send the price toward the $1,680 resistance. An upside break above the $1,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $1,580 resistance, it could start a downside correction. Initial support on the downside is near the $1,520 level. The first major support sits near the $1,500 zone and the 61.8% Fib retracement level of the upward move from the $1,385 swing low to the $1,687 high.
A clear move below the $1,500 support might push the price toward the $1,455 support. Any more losses might send the price toward the $1,420 support level in the near term. The next key support sits at $1,380.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,500
Major Resistance Level – $1,580
