Ethereum was unable to surpass the $1620 level against the US dollar. ETH may be sliding, and it might not manage to hold above $1,480.
- Ethereum experienced another drop after a false rise above $1,620.
- The current price trades below $1,560.
- On the hourly chart for ETH/USD, there is support close to $1,500. This trend line forms as a bullish indicator (data feed via Kraken).
- If the pair moves below $1,480 support, it could trigger a new increase.
Ethereum Price Support Tests
Ethereum attempted to break the $1620 resistance level again. ETH spiked to levels above $1,640, $1,650. The bears were still active at the $1,660 level.
The price reached a high of $1,662, and then began a new decline. The downside breakout occurred below $1,560, $1,550 and $1,625 levels. Below the 50% Fib level, Ether’s price fell from the $1.488 swing low to the $1.662 high.
It is currently trading at $1,560 below the 100-hourly simple moving average. It also trades below the 76.4% Fib level of the upward swing from $1,488 low to $1.662 high.
But it’s still higher than the $1,500 resistance. A key bullish trendline is also forming, with support close to $1,500 in the hourly chart of Ethereum/USD. Near the $1,530 area is an immediate resistance to the upside. Near the $1,550 level and the 100-hourly simple moving average is the first significant resistance.
Source: TradingView.com ETHUSD
The $1,620 area is the main breakout zone. The price could begin to rise if it moves clear of the $1620 mark. Near the $1660 level is the next barrier, which could lead to a rise toward the $1700 resistance zone.
What Are the Losses of ETH More?
The $1,550 resistance could be broken and ethereum may continue its downward slide. The trend line and near the $1500 zone provide initial support for the downside.
If the trendline support is breached, a clear movement could push the price to the $1.480 support area. Any further losses could even propel the price above $1,400.
Technical Indicators
Minutely MACD – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,480
Major Resistance Level – $1,550
