Ethereum saw a technical correction recently, sadly it is correcting downwards and must float above the minimum level in order to continue its rise later on.
Ethereum was unable to hold above the $1,600 barrier level versus the US dollar. ETH is correcting downward and must remain above $1,540 in order to continue rising. Ethereum saw a technical correction which was lower.
Ethereum was unable to break through the $1,620 and $1,625 resistance levels.
The price is currently trading close to $1,550 and the 100 hourly simple moving average.
A substantial rising channel is building on the hourly chart of ETH/USD, with support near $1,540.
If the pair stays above the $1,540 and $1,500 support levels, it may start to climb again.
Ethereum Price Chart – 24 Hours. Source: CoinGecko
ETH Price Remains Supported
Ethereum made an attempt but ultimately failed to break above the $1,620 mark. The bears were aggressive at the $1,620 level, and the price began to fall.
A peak of around $1,619 was reached before the market fell downward. The price dropped below $1,560 as well as the 100 hourly simple moving average. Bulls were active at $1,530 and $1,525 levels, on the other hand. The price has established a bottom at $1,530 and is presently consolidating.
The was a move over $1,550 and the 100 hourly simple moving average, which was interesting to note. The price has risen above the 50% Fib retracement level of the latest drop from the $1,619 swing high to the $1,530 low.
It is currently settling between $1,550 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant rising channel is forming with support at $1,540. It is seeing resistance at $1,580 and $1,585.
The latest slide from the $1,619 swing high to the $1,530 low has a 61.8% Fib retracement mark near the $1,585 level. Another significant resistance level is beginning to take shape at $1,620.
A clean break over $1,620 might drive the price towards $1,650 resistance. Should any more increases happen then a path might begin to shape for an attack on the $1,700 barrier in the short future.
A Fresh Decline?
If Ethereum fails to break through the $1,585 barrier level, it may fall further. On the downside, initial support is at the $1,540 zone and the channel trend line.
The next key support is at $1,500, below which the ether price may begin to fall. In this scenario, the price might fall to $1,425 or below. Any further losses might push the price down to $1,380.
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