Ethereum traded around its all-time high of $ 1,750 before slumping against the US Dollar. ETH price is likely to find strong support near $ 1,500.
ETH price surged to an all-time high of $ 1,750 before correcting lower against the US Dollar.
The price trades below $ 1,650, but is well above the 100 simple moving average.
There was a break below a major contract triangle with support near $ 1,660 on the 4-hour ETH / USD pair.
The pair could revisit the $ 1,500 support level where the bulls will likely remain active.
Fix in Ethereum
Last week, bitcoin and ethereum saw a steady increase of over $ 36,000 and $ 1,500 respectively against the US Dollar. ETH traded around its all-time high of $ 1,750 before facing strong selling interest.
The price started a downward correction and traded below the $ 1,700 level. The price traded below the 23.6% Fib retracement level of the upward move from the $ 1,275 low to $ 1,750. There was also a break below a major contract triangle with support near $ 1,660 on the 4-hour chart of ETH / USD.
The price trades below $ 1,650, but is well above the 100 simple moving average. The next major support is near the $ 1,500 level.
More losses may open the doors for a steady decline towards the $ 1,440 support level. The 100 simple moving average is also close to $ 1,440 to act as a strong support.
If Ethereum remains stable above $ 1,500 it could start a new surge. Initial resistance on the upside is near the $ 1,700 level.
The next major resistance is near the $ 1,750 level. A clear break above the $ 1,700 and $ 1,750 resistance levels could open the doors for a strong rise. In the stated situation, the price may rise above the $ 1,800 and $ 1,850 levels in the near term.
4-hour MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
4-hour RSI – The RSI for ETH / USD is just above the 50 level.
Major Support Level – $ 1,500.
Major Resistance Level: $ 1,700.