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Ethereum -price could not restore more than $ 1,700 and dropped below $ 1,550. ETH now corrects losses and can experience resistance in the vicinity of the $ 1,620 zone.
- Ethereum did not stay above the levels of $ 1,620 and $ 1,550.
- The price trades under $ 1,620 and the 100-hour simple advancing average.
- There is a connecting Bearish trend line that forms with resistance at $ 1,615 on the hourly table of ETH/USD (data feed via Kraken).
- The couple remains the risk of more losses if it did not know the $ 1,620 resistance zone.
Ethereum price repair is confronted with resistance
Ethereum -price cannot stay above the $ 1,700 support zone and extensive losses, such as Bitcoin. ETH fell sharply among the levels of $ 1,650 and $ 1,620.
The bears even pushed the price below the level of $ 1,550. A low point was formed at $ 1,410 and the price recently corrected some losses. There was a movement above the level of $ 1,550. The price climbed above the 23.6% FIB retracement level of the downward movement of the $ 1,815 swing high to $ 1,410 low.
However, the bears are active near the $ 1,620 zone. 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 $ 1,615.
There is also a connecting Bearish trend line that forms with resistance at $ 1,615 on the ETH/USD card per hour. It is close to the 50% FIB racement level of the downward movement of the $ 1,815 swing high to $ 1,410 low. The next key resistance is near the level of $ 1,660.
The first major resistance is near the level of $ 1,720. A clear movement above the $ 1,720 resistance can send the price to $ 1,820 resistance. An upward break above the $ 1,820 resistance can request more profit in the coming sessions. In the declared case, Ether could rise to the $ 1,880 resistance zone or even $ 1,920 in the short term.
Another decline of ETH?
If Ethereum did not know the resistance of $ 1,620, this can start a new decline. The first support at the disadvantage is near the level of $ 1,540. The first major support is near the $ 1,505 zone.
A clear movement under the support of $ 1,505 can push the price to $ 1,420 support. More losses can send the price in the short term to the support level of $ 1,380. The following key support is at $ 1,320.
Technical indicators
Hour MacD – The MACD for ETH/USD loses momentum in the bullish zone.
Hour RSI – The RSI for ETH/USD is now above 50 zone.
Large support level – $ 1,540
Large resistance level – $ 1,620
