Can Bulls Save the Day?

The Ethereum price was corrected below $1,650 to the US Dollar. To avoid a bearish reversal, ETH should remain above the $1550 support zone.

  • Ethereum began a major downside correction, trading below $1650.
  • The current price trades below $1,650 as well as the simple 100-hour moving average.
  • On the hourly chart for ETH/USD, there is a connected bearish trend line that forms with resistance close to $1,700. (Data feed via Kraken).
  • For a new increase to be possible, both the support and the price must remain above $1550.

Ethereum price drops more than 6%

Ethereum was unable to maintain above $1,750 or $1,720 levels. ETH reacted below the $1700 level and 100 hourly simple moving mean.

This was similar to bitcoin, with the price falling over 5%. It even spiked above $1,600. Even though it reached the $1550 support, it traded at $1,552. Ether currently trades below $1,650.

Bulls have pushed the price higher than the 23.6% Fib Retracement level for the downmove from $1,789 swing high, to $1,552 lower. Surprisingly, resistance is near the $1620 level.

Near the $1,660-$1,670 levels is the next significant resistance. The 50% Fib Retracement level is the lowest point of the downmove from $1,789 high to $1.552 low. If the price breaks $1,670, it could push the price to the $1,700 mark.

Ethereum Price

Source:, ETHUSD

A connecting bearish trendline is also in place with resistance at $1,700 as well as the 100-hourly simple moving average of the hourly chart for ETH/USD. In the short term, any further gains could open up the possibility of a push towards $1780 resistance.

What Are the Losses of ETH More?

The $1,660 resistance could be broken and ethereum may continue its downward slide. Initial support is located near $1,580.

Nearly $1,550 is the next support. A break below the $1550 level could cause more losses. If this happens, the ether price could fall towards the $1500 mark. The price could rise to $1.440 with any additional losses.

Technical Indicators

Hourly MACDMACD of ETH/USD has lost momentum and is currently in the bearish zone.

Hourly RSIThe RSI of ETH/USD has risen to the 50-level.

Major Support Level – $1,500

Major Resistance Level – $1,660

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