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Ethereum -Price started a new fall below $ 1,620 zone. ETH is now consolidating and can try to restore the $ 1,620 resistance.
- Ethereum started a new decrease below $ 1,620 and $ 1,600 levels.
- The price trades under $ 1,620 and the 100-hour simple advancing average.
- There was a break over a connecting bearish trend line with resistance at $ 1,590 on the hourly table ETH/USD (data feed via Kraken).
- The couple can start a new increase if it knew the $ 1,615 resistance zone.
Ethereum -Price is confronted with obstacles
Ethereum Price had difficulty staying higher above $ 1,690 and started a new decrease, such as Bitcoin. ETH fell under the support levels of $ 1,600 and $ 1,580. It was even below $ 1,550.
A low point was formed at $ 1,538 and the price is now trying a recovery wave. There was a movement above the level of $ 1,580. The price climbed above the 23.6% FIB racement level of the downward movement of the $ 1,690 Swing high to $ 1,538 low.
By the way, there was a break over a connecting Bearish trend line with resistance at $ 1,590 on the ETH/USD card per hour. Ethereum price now trades under $ 1,620 and the 100-hour simple advancing average.
At the top the price seems to have to do with obstacles near the level of $ 1,600. The next key resistance is near the level of $ 1,615 or the 50% FIB retracement level of the downward movement of the $ 1,690 swing high to $ 1,538 low. The first major resistance is near the level of $ 1,655.
A clear movement above the $ 1,655 resistance can send the price to $ 1,700 resistance. An upward break above the $ 1,700 resistance can request more profit in the upcoming sessions. In the indicated case, Ether could rise to the $ 1,750 resistance zone or even $ 1,800 in the short term.
Another drop in ETH?
If Ethereum did not know the resistance of $ 1,615, this can start a new decline. The first support at the disadvantage is near the level of $ 1,5750. The first major support is near the $ 1,540 zone.
A clear movement under the support of $ 1,540 can push the price to $ 1,480 support. All losses can send the price in the short term to the support level of $ 1,420. The following key support is $ 1,400.
Technical indicators
Hour MacD – The MACD for ETH/USD loses Momentum in the bearish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Large support level – $ 1,540
Large resistance level – $ 1,655