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Ethereum Price failed to eliminate $ 1,650 and corrected the profits. ETH is now consolidating and could try to recover above the resistance of $ 1,620.
- Ethereum began a fresh bear reaction from the $ 1,650 zone.
- The price is quoted below $ 1,600 and the simple mobile average of 100 hours.
- There was a break below a short -term hiring triangle with $ 1,595 support in the ETH/USD -hour graph (data food through Kraken).
- The torque could begin a new increase if it erases the resistance zone of $ 1,620.
Ethereum’s price is submerged again
Ethereum’s price remained stable above the level of $ 1,520 and began a new increase, such as Bitcoin. ETH quoted above the levels of $ 1,600 and $ 1,620 before the bears appeared.
A maximum formed at $ 1,655 and the price began a new setback. There was a movement below the level of $ 1,600. In addition, there was a break below a short -term hiring triangle with $ 1,595 support in the ETH/USD table. The pair tested the $ 1,565 area.
A minimum formed to $ 1,564 was formed and the price is now consolidating near the FIB retreat level of 23.6% of the downward movement of the change of $ 1,655 to the minimum of $ 1,564.
The price of Ethereum is now quoted below $ 1,600 and the simple mobile average of 100 hours. On the positive side, the price seems to be facing obstacles near the level of $ 1,600. The following key resistance is close to the level of $ 1,610 and the FIB retreat level of 50% of the movement down from the $ 1,655 swing to the minimum of $ 1,564.
The first important resistance is close to the level of $ 1,620. A clear movement above the resistance of $ 1,620 could send the price to the resistance of $ 1,650. An upward break over the $ 1,650 resistance may require more profits in the next sessions. In the established case, Ether could rise to the resistance zone of $ 1,720 or even $ 1,800 in the short term.
More losses in ETH?
If Ethereum cannot eliminate the resistance of $ 1,620, a new decrease could begin. The initial support at the disadvantage is close to the level of $ 1,565. The first important support is close to the $ 1,550 zone.
A clear movement below the $ 1,550 support could boost the price towards the $ 1,500 support. More losses can send the price to the support level of $ 1,450 in the short term. The following key support is at $ 1,420.
Technical indicators
Macd per hour – The MACD for ETH/USD is gaining impulse in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below zone 50.
Important support level: $ 1,550
Greater resistance level: $ 1,620
