More

    Ethereum Lacks Momentum Above $1,550, Why Dips Likely To Be Limited

    Ethereum struggled to clear the $1,600 resistance and corrected lower against the US Dollar. ETH price is likely to remain stable above $1,450 and it could again climb towards $1,600.
    Ethereum corrected lower from $1,600 and tested the $1,450 support zone.
    The price is now trading just above $1,500 and the 100 hourly simple moving average.
    There is a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair is likely to continue higher towards $1,600 as long as it is above $1,450.
    Ethereum Price is Holding Gains
    Ethereum climbed higher above the $1,550 resistance and tested the $1,600 zone. ETH price topped near the $1,596 level before it started a downside correction.
    There was a break below the $1,550 and $1,525 support levels. The price even traded below the 23.6% Fib retracement level of the upward move from the $1,296 swing low to $1,596 swing high. Finally, there was a spike below the $1,500 level and the 100 hourly simple moving average.
    Ether tested the $1,450 support zone. It also remained stable above the 50% Fib retracement level of the upward move from the $1,296 swing low to $1,596 swing high.

    Source: ETHUSD on TradingView.com
    The price is now recovering and trading nicely above the $1,500 level. There is also a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $1,550 level.
    The main resistance is still near the $1,600 zone. A successful close above the $1,600 level is must for upside continuation in the coming sessions. The next key resistance is near the $1,680 level.
    Fresh Drop in ETH?
    If Ethereum fails to continue higher above the $1,550 and $1,600 resistance levels, it could resume its decline. An initial support on the downside is near the $1,500 level.
    The first major support is near the $1,480 zone and the trend line. A downside break below the trend line support and a follow up move below the $1,450 level could open the doors for a sustained downward move towards the $1,400 and $1,350 levels.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
    Hourly RSI – The RSI for ETH/USD is now just above the 50 level.
    Major Support Level – $1,480
    Major Resistance Level – $1,600

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,439.00
    ethereum
    Ethereum (ETH) $ 2,579.08
    tether
    Tether (USDT) $ 0.998956
    binance-coin
    Binance Coin (BNB) $ 338.69
    cardano
    Cardano (ADA) $ 1.35
    xrp
    XRP (XRP) $ 0.754913
    usd-coin
    USD Coin (USDC) $ 0.998408
    dogecoin
    Dogecoin (DOGE) $ 0.207514
    polkadot
    Polkadot (DOT) $ 18.12
    binance-usd
    Binance USD (BUSD) $ 0.998497
    uniswap
    Uniswap (UNI) $ 22.36
    bitcoin-cash
    Bitcoin Cash (BCH) $ 544.54
    chainlink
    Chainlink (LINK) $ 22.66
    litecoin
    Litecoin (LTC) $ 145.47
    solana
    Solana (SOL) $ 35.05
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,442.00
    matic-network
    Polygon (MATIC) $ 1.08
    ethereum-classic
    Ethereum Classic (ETC) $ 52.00
    stellar
    Stellar (XLM) $ 0.286339
    theta-token
    Theta Network (THETA) $ 6.09
    vechain
    VeChain (VET) $ 0.089512
    internet-computer
    Internet Computer (ICP) $ 42.24
    dai
    Dai (DAI) $ 0.999073
    okb
    OKB (OKB) $ 19.55
    filecoin
    Filecoin (FIL) $ 55.59
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022047
    terra-luna
    Terra (LUNA) $ 11.30
    tron
    TRON (TRX) $ 0.065274
    cdai
    cDAI (CDAI) $ 0.021508
    monero
    Monero (XMR) $ 241.72
    aave
    Aave (AAVE) $ 325.38
    eos
    EOS (EOS) $ 4.08
    compound-ether
    cETH (CETH) $ 51.75
    ftx-token
    FTX Token (FTT) $ 35.02
    cosmos
    Cosmos (ATOM) $ 12.94
    amp-token
    Amp (AMP) $ 0.071245
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.39
    the-graph
    The Graph (GRT) $ 0.696774
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.128372
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    neo
    NEO (NEO) $ 43.80
    leo-token
    LEO Token (LEO) $ 3.02
    algorand
    Algorand (ALGO) $ 0.854741
    bitcoin-sv
    Bitcoin SV (BSV) $ 143.61
    maker
    Maker (MKR) $ 2,989.36
    klay-token
    Klaytn (KLAY) $ 1.05
    celsius-degree-token
    Celsius Network (CEL) $ 6.15
    tezos
    Tezos (XTZ) $ 3.09
    iota
    IOTA (MIOTA) $ 0.901369
    avalanche-2
    Avalanche (AVAX) $ 13.56