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Ethereum price failed to clear the $1,650 and corrected gains. ETH is now consolidating and might attempt to recover above the $1,620 resistance.
Ethereum started a fresh bearish reaction from the $1,650 zone.
The price is trading below $1,600 and the 100-hourly Simple Moving Average.
There was a break below a short-term contracting triangle with support at $1,595 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,620 resistance zone.
Ethereum Price Dips Again
Ethereum price remained stable above the $1,520 level and started a fresh increase, like Bitcoin. ETH traded above the $1,600 and $1,620 levels before the bears appeared.
A high was formed at $1,655 and the price started a fresh pullback. There was a move below the $1,600 level. Besides, there was a break below a short-term contracting triangle with support at $1,595 on the hourly chart of ETH/USD. The pair tested the $1,565 zone.
A low was formed at $1,564 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $1,655 swing high to the $1,564 low.
Ethereum price is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level. The next key resistance is near the $1,610 level and the 50% Fib retracement level of the downward move from the $1,655 swing high to the $1,564 low.
The first major resistance is near the $1,620 level. A clear move above the $1,620 resistance might send the price toward the $1,650 resistance. An upside break above the $1,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,720 resistance zone or even $1,800 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $1,620 resistance, it could start a fresh decline. Initial support on the downside is near the $1,565 level. The first major support sits near the $1,550 zone.
A clear move below the $1,550 support might push the price toward the $1,500 support. Any more losses might send the price toward the $1,450 support level in the near term. The next key support sits at $1,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,550
Major Resistance Level – $1,620
