Ethereum prices were unable to clear $1,650, and we fixed our profits. ETH is currently consolidated and could try to recover beyond the $1,620 resistance.
- Ethereum began a fresh bearish reaction from the $1,650 zone.
- The price is below $1,600 and trades a simple 100-hour moving average.
- There was a break in ETH/USD (data feed via Kraken) below the triangle of short-term contracts with $1,595 support on hourly charts.
- The pair could begin a new increase once they clear the $1,620 resistance zone.
Ethereum prices drop again
Ethereum prices remained stable above $1,520, and began new increases, like Bitcoin. ETH was traded above the $1,600 and $1,620 levels before the bears appeared.
The high was formed at $1,655, and the price started a new pullback. There was a move below the $1,600 level. What’s more, there was a break below the short-term contract triangle with $1,595 in support on the ETH/USD hourly wage chart. The pair tested the $1,565 zone.
The lowest amount was formed at $1,564, and the price is currently integrated near the 23.6% FIB retracement level, from a swing height of $1,655 to a low of $1,564.
Ethereum prices are currently below $1,600, trading a simple 100-hour moving average. The advantage is that the price appears to be facing a hurdle close to the $1,600 level. The next important resistance is close to the $1,610 level, with a 50% FIB retracement level downward movement from a $1,655 Swing High to a low of $1,564.
The first major resistance is close to the $1,620 level. A clear move above the $1,620 resistance could potentially send the price towards the $1,650 resistance. An upside down break above the $1,650 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $1,720, or even a short term $1,800.
More losses in ETH?
If Ethereum fails to clear the $1,620 resistance, it could begin a new decline. The initial support for the downside is close to the $1,565 level. The first major support is near the $1,550 zone.
A clear move below $1,550 support could push the price up to $1,500 support. Any further losses could send prices towards a support level of $1,450 in the short term. The following key support is $1,420.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $1,550
Major Resistance Levels – $1,620
