Ethereum started a downside correction from its all-time high of $ 1.697 against the US Dollar. The ETH price is gaining over $ 1,600 and could start a new surge.
Ethereum started a downside correction below the $ 1,650 and $ 1,620 levels.
The price is still trading well above $ 1,600 and the 100 hourly simple moving average.
There is a key contract triangle with resistance near $ 1,655 on the hourly chart of ETH / USD.
The pair is likely to rise after clearing the $ 1,655 and $ 1,660 resistance levels in the near term.
Ethereum price remains stable
Ethereum initiated a short-term downside correction after setting an all-time high around $ 1,697. ETH traded below the $ 1,650 and $ 1,620 support levels. There was also an increase below the $ 1,600 level, but the price recovered quickly.
Ethereum is currently trading well above $ 1,600 and the 100 hourly simple moving average. The last volatility was around $ 1,589 before the price moved above $ 1,620.
If Ethereum fails to clear the $ 1,655 resistance level and the triangle upper trend line, it can correct even lower. On the downside, initial support is near the triangle bottom trend line at $ 1,585.
A downside break below the triangle support could push the price towards the $ 1,550 support zone. Further dips are likely to drive the price into the $ 1,500 support zone in the coming sessions.
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 – $ 1,585
Major Resistance Level: $ 1,660.