Ethereum price lost the $1,600 level and fell as low as $1,562. Currently, ETH is consolidating and in case of losing the $1,562, it might dip further down. On the upside, if Ethereum manages to stabilize above the $1,562 and surpass the $1,650 in short-term, it could bounce back in short-term. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum lost the $1,600 and $1,570 levels.
- Currently, the price is below $1,650 and the 1-hour candles are below the SMA100.
- On the 1-hour chart we see a new downtrend forming with resistance at $1,830.
- Breaking through $1,650 can pave the way for short-term growth. Despite that, if ETH loses the $1,562, the downtrend will continue.
Ethereum Price Action Analysis
Ethereum price failed to surpass $1,600 and continued downwards. Subsequently, the price lost the $1,570 critical support level and reached a daily low of $1,562. By reaching this point, the buyers supported ETH and it set to recover a bit. For now, ETH is trading below $1,650 and the 1-hour candles are below the SMA100. On the 1-hour chart, we have a new downtrend forming with resistance at $1,830.
The first resistance level for Ethereum is at $1,600 followed closely by $1,650. This level is near the 23.6% Fibonacci retracement level from the latest fall from $2,029 to $1,562. Breaking through $1,650 could set up the stage for further growth. In which case, ETH would approach $1,700 and $1,750 on the SMA100. Furthermore, the $1,780 is located on the 50% Fibonacci retracement level which could be the next stop. After that, the $1,820 and $1,830 near the trendline will be next in line.
On the other hand, if Ethereum price fails to surpass $1,650 or $1,600, the downtrend will go on. For this scenario, the $1,562 and $1,500 are the first support levels for ETH. Following that, we can expect $1,450 and $1,420 to support the price. Further decline can bring Ethereum down to $1,400 and $1,360.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on an upward movement.
RSI: the relative strength index is currently 50.
Resistance levels: for the bullish run, the $1,600 and $1,700 are absolutely necessary to surpass.
Support levels: at this point, the $1,500 is the crucial support level for ETH.
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