The price of Ethereum fell below $1,600 as investors corrected and saved their profits. Ethereum is currently trading above the $1,550 range, but a resurgence of $1,600 resistance is still possible.
According to Valx and quoted by NewsBTC, Ethereum made another attempt to break the $1,660 resistance, but like Bitcoin, it failed to break through the obstacles and started a downward correction.
At first, the price of Ethereum reached below the support levels of $1,640 and $1,620. Then, even the intersection of the upward trend line formed in the one-hour chart (in the range of $1575) could not prevent the price from falling. This currency even traded below $1,550 for a while and formed its price floor at $1,530.
Ether is currently trading below $1,620 and the 100-hour simple moving average. With the small bullish wave that took Ether above $1,550, the cryptocurrency is now trading above the 23.6% Fibonacci retracement level (drawn between the $1,530 low and $1,659 peak).
Ethereum analysis shows that initial near-resistance is at $1,580. The next key resistance is near the $1,600 area and the 100 hourly simple moving average. This area is also near the 50% Fibonacci retracement level.
Breaking the $1,600 resistance could start a new bullish wave for Ethereum after a healthy correction. If the mentioned scenario happens, the price can go up to $1,660 in the first step and then up to $1,720.
But if Ethereum fails to overcome the resistance of $1,600, the first support level on the downside is near $1,550.
The next major support is at $1,515 and if this level is not resisted, there is further decline to $1,450 or even $1,320.
The MACD indicator on Ether’s hourly chart is now losing its bearish momentum and the RSI indicator is below the 50 level.
Ethereum has entered the correction phase; What are the important support levels? The first time in the blog Valx. appeared.
