Ethereum began a downside correction and traded below $ 1,600 against the US Dollar. ETH price found support near $ 1,487 and is currently making up for losses. Ethereum started a downside correction below the $ 1,650 and $ 1,600 levels.

 

 

The price is currently trading below $ 1,650 and the 100 hourly simple moving average.

There is a key bearish trend line with resistance near $ 1,660 on the hourly chart of ETH / USD.

The pair is likely to move higher, after clearing the $ 1,650 and $ 1,660 resistance levels in the near term.

 

Ethereum price remained in good offer

After setting an all-time high around $ 1,760, Ethereum initiated a short-term downside correction. ETH traded below the $ 1,650 and $ 1,600 support levels. There was also a break below the $ 1,560 support level and the 100 hourly simple moving average.

The price is now facing resistance near the $ 1,620 level and the 100 hourly simple moving average.

The next key resistance is near the $ 1,650 level. There is a key bearish trend line with resistance around $ 1,660 on the hourly chart of ETH / USD. A clear break above trendline resistance and $ 1,665 could open the doors for a steady rise. In the case mentioned, the price is likely to revisit its high of $ 1,760 in the near term.

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If Ethereum fails to clear the $ 1,620 and $ 1,650 resistance levels, it could start a new decline. On the downside, the initial support is near the $ 1,560 and $ 1,550 levels.

A downside break below the $ 1,550 support zone could trigger strong bearish moves. The next major support is located near the $ 1,500 level. Below that, the price could drop towards the $ 1,450 support level.

 

Technical indicators

Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH / USD is currently just above the 50 level.

Major Support Level: $ 1,550.

Major Resistance Level – $ 1,650.

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