Ethereum gained support in the $1,520 area against the US dollar. ETH might be looking at an upside correction. It could also see a move towards $1800.
- Ethereum was well-bought above the $1520 level, and it corrected higher than $1,600.
- 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 bearish trendline that forms with resistance at $1,625 (data feed via Kraken).
- If the pair moves above $1,650 resistance, it could begin a significant increase.
Ethereum price faces a challenge
Ethereum supported near $1,520. ETH bears attempted to drive the price lower than the $1520 support twice, but the bulls remained strong.
The price began to rise steadily after a base formed at $1,520. The price moved above $1,580, $1,600, and the $2,390 levels. Even the Ether Price spiked higher than the 23.6% Fib level of the decline from the $1.880 swing high, to the $1.524 low.
The 100-hourly simple moving average and $1,650 are the current levels of trading. The $1,650 mark is the immediate resistance. On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $1,625
It is currently near $1,700 where the first major resistance has formed. This is close to the 50 percent Fib retracement of the decline from $1,880 swing high and $1,524 lower. Clear moves higher than the $1,700 mark could push the price even further up.
Source: TradingView.com, ETHUSD
Near the $1,800 mark is the next major resistance. Clear moves over the $1800 resistance may push the price higher than the $1850 resistance.
What Are the Losses of ETH More?
The $1,650 resistance could be broken and ethereum may continue its downward slide. The $1,560 area is the initial support for the downside.
Near $1,520 is the next support, and below that price could accelerate downwards. The price could fall towards $1,480 in the above scenario. The possibility of further losses opening the door to a possible move toward the $1.465 level is likely.
Technical Indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,525
Major Resistance Level – $1,650