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Ethereum -price could not restore more than $ 1,620 and dropped under $ 1,500. ETH is now in consolidating losses and can experience resistance in the vicinity of the $ 1,520 zone.
- Ethereum did not stay above the levels of $ 1,600 and $ 1,550.
- The price trades under $ 1,550 and the 100-hour simple advancing average.
- There is a connecting Bearish trend line that forms with resistance at $ 1,520 on the hour table of ETH/USD (data feed via Kraken).
- The couple remains the risk of more losses if it did not know the $ 1,410 resistance zone.
Ethereum price repair fades
Ethereum -price cannot stay above $ 1,620 support zone and extensive losses, such as Bitcoin. ETH fell sharply among the levels of $ 1,550 and $ 1,520.
The bears even pushed the price below the $ 1,450 level. A low point was formed at $ 1,384 and the price recently corrected some losses. There was a movement above the level of $ 1,410. The price climbed above the 23.6% FIB retraction level of the downward movement of the $ 1,617 swing high to $ 1.384 low.
However, the bears are active near the $ 1,450 zone. Ethereum price is now being traded under $ 1500 and the 100-Urly simple advancing average. At the top the price seems to have to do with obstacles near the level of $ 1,475.
The following key resistance is near the $ 1,500 level or the 50% FIB retracement level of the downward movement of the $ 1,617 swing high to $ 1,384 low. The first major resistance is near the level of $ 1,520. There is also a connecting Bearish trend line that forms with resistance at $ 1,520 on the ETH/USD per hour table.
A clear movement above the $ 1,520 resistance can send the price to the $ 1,560 resistance. An upward break above the $ 1,560 resistance can request more profit in the coming sessions. In the declared case, Ether could rise to the $ 1,620 resistance zone or even $ 1,650 in the short term.
Another decline of ETH?
If Ethereum did not know the resistance of $ 1,520, this can start a new decline. The first support on the disadvantage is near the level of $ 1,410. The first major support is near the $ 1,385 zone.
A clear movement under the support of $ 1,385 can push the price to $ 1,320 support. More losses can send the price in the short term to the support level of $ 1,240. The following key support is at $ 1,120.
Technical indicators
Hour MacD – The MACD for ETH/USD is gaining strength in the bearish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Large support level – $ 1,410
Large resistance level – $ 1,520
