Ethereum Price Holds Key Support and Eyes Fresh Move To $1,700

Aayush Jindal

1 year ago

2 mins read

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Ethereum corrected lower and traded below $1,640 against the US Dollar. ETH is holding the $1,610 support and might aim a fresh increase.

Ethereum started a downside correction below $1,650 and $1,640.
The price is now trading below $1,650 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it stays above the $1,600 support zone.

Ethereum Price Remains Supported

Ethereum price failed to clear the $1,720 resistance zone and corrected lower, similar to bitcoin. ETH declined below the $1,650 and $1,640 support levels.

There was also a spike below the 50% Fib retracement level of the upward move from the $1,530 swing low to $1,715 high. Ether price is now trading below $1,650 and the 100 hourly simple moving average. It seems to be holding a major support near the $1,610 level.

There is also a key bullish trend line forming with support near $1,615 on the hourly chart of ETH/USD. An immediate resistance is near the $1,640 level and the 100 hourly simple moving average. The next major resistance is near the $1,660 level. An upside break above the $1,660 resistance zone could spark a fresh increase.

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send ether price towards the $1,780 resistance zone.

More Losses in ETH?

If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,610 level and the trend line.

The next major support is near the $1,600 zone or the 61.8% Fib retracement level of the upward move from the $1,530 swing low to $1,715 high. If there is a break below $1,600, the price might drop towards the $1,565 support. Any more losses might call for a test of the $1,530 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,600

Major Resistance Level – $1,660

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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