Ethereum prices were unable to recover beyond $1,620, falling below $1,500. ETH is currently consolidating losses and could face resistance near the $1,520 zone.
- Ethereum failed to surpass the $1,600 and $1,550 levels.
- The price is a simple moving average of less than $1,550 and a 100-hour trade.
- ETH/USD’s hourly chart (data feed via Kraken) has a bearish trendline connecting with resistance formed at $1,520.
- The pair risks more losses if they can’t clear the $1,410 resistance zone.
Ethereum Price Recovery Fades
Ethereum prices didn’t exceed the $1,620 support zone and extended losses, like Bitcoin. ETH has well below the $1,550 and $1,520 levels.
The Bears have pushed the price below the $1,450 level. The lowest was formed at $1,384, and the price recently corrected the loss. There was a move above the $1,410 level. Prices rose above the 23.6% FIB retracement level of downward movement, from a Swing High of $1,617 to a low of $1,384.
However, the bear is active near the $1,450 zone. Ethereum prices are currently below $1,500, trading a simple 100-hour moving average. The advantage is that the price appears to be facing a hurdle close to the $1,475 level.
The next important resistance is from a $1,617 Swing High to a $1,384 low, close to a $1,500 level or a 50% FIB retracement level. The first major resistance is close to the $1,520 level. Also, the ETH/USD hourly wage chart has a bearish trendline of connections, formed with $1,520 resistance.
A clear move above the $1,520 resistance could turn the price towards the $1,560 resistance. An upward break above the $1,560 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $1,620, or even $1,650 in the short term.
Another reduction in ETH?
If Ethereum fails to clear the $1,520 resistance, it could start another reduction. The initial support for the downside is close to the $1,410 level. The first major support is near the $1,385 zone.
A clear move below the $1,385 support could push the price up to $1,320 support. Any further losses could send prices towards a support level of $1,240 in the short term. The following key support is $1,120:
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 – $1,410
Major Resistance Levels – $1,520
