The price of Ethereum dropped to the level of $1525. Before we can hope for an increase in the value of Ethereum, this currency must be able to overcome the resistance barrier of $1,540.
According to Wallex and quoted by NewsBTC, Ethereum also showed a behavior similar to Bitcoin. Ether (ETH) traded below the support levels of $1,550 and $1,540 and even dipped below $1,500 for a while.
Ethereum’s new weekly low was formed near $1,463 and its current chart is in the range. Ethereum is currently trading below $1,540 and its 100-hour simple moving average. In addition, a downward trend line has been formed, the intersection of which will be a price resistance at the $1,515 area.
Recently, a small corrective wave was formed in the Ethereum chart in the $1,500 channel. This wave tested the break of the key 50% level of the Fibonacci indicator (drawn between the bottom and top of $1,463 to $1,548).
Ethereum analysis suggests that the main resistance on Ether’s path is in the $1540 area. The upward break of this resistance can be the beginning of a new upward trend. If the mentioned possibility occurs, the price can increase up to 1600 dollars again.
But on the other hand, if the price of Ethereum fails to rise and moves downward, the support of $1,475 is the first barrier in front of it.
The next key support is in the $1,460 area. If it falls below this level, the next accessible targets can be first $1,400 and then $1,320.
The MACD indicator on the Ethereum hourly chart is now decelerating in the bearish zone, and its RSI indicator is below the 50 level.
Ethereum price decreased; Are buyers lost? The first time in the blog Valx. appeared.
