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) $ 63,048.00
    ethereum
    Ethereum (ETH) $ 2,316.79
    binance-coin
    Binance Coin (BNB) $ 548.79
    xrp
    XRP (XRP) $ 1.67
    tether
    Tether (USDT) $ 0.997944
    cardano
    Cardano (ADA) $ 1.37
    polkadot
    Polkadot (DOT) $ 40.60
    uniswap
    Uniswap (UNI) $ 33.44
    litecoin
    Litecoin (LTC) $ 258.37
    dogecoin
    Dogecoin (DOGE) $ 0.121601
    chainlink
    Chainlink (LINK) $ 35.23
    bitcoin-cash
    Bitcoin Cash (BCH) $ 765.29
    stellar
    Stellar (XLM) $ 0.599150
    theta-token
    Theta Network (THETA) $ 11.78
    usd-coin
    USD Coin (USDC) $ 0.993244
    filecoin
    Filecoin (FIL) $ 164.58
    vechain
    VeChain (VET) $ 0.158231
    tron
    TRON (TRX) $ 0.133098
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 63,035.00
    klay-token
    Klaytn (KLAY) $ 2.84
    eos
    EOS (EOS) $ 7.13
    solana
    Solana (SOL) $ 24.91
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.240637
    terra-luna
    Terra (LUNA) $ 15.31
    compound-ether
    cETH (CETH) $ 46.50
    monero
    Monero (XMR) $ 313.55
    iota
    IOTA (MIOTA) $ 2.01
    cosmos
    Cosmos (ATOM) $ 23.11
    okb
    OKB (OKB) $ 20.34
    bitcoin-sv
    Bitcoin SV (BSV) $ 285.72
    binance-usd
    Binance USD (BUSD) $ 0.991985
    bittorrent-2
    BitTorrent (BTT) $ 0.007661
    aave
    Aave (AAVE) $ 392.52
    ftx-token
    FTX Token (FTT) $ 54.44
    tezos
    Tezos (XTZ) $ 6.21
    avalanche-2
    Avalanche (AVAX) $ 36.18
    neo
    NEO (NEO) $ 64.11
    elrond-erd-2
    Elrond (EGLD) $ 232.01
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021763
    kusama
    Kusama (KSM) $ 442.02
    algorand
    Algorand (ALGO) $ 1.41
    huobi-token
    Huobi Token (HT) $ 20.32
    nem
    NEM (XEM) $ 0.399599
    pancakeswap-token
    PancakeSwap (CAKE) $ 22.55
    thorchain
    THORChain (RUNE) $ 14.31
    cdai
    cDAI (CDAI) $ 0.021228
    holotoken
    Holo (HOT) $ 0.017329
    dai
    Dai (DAI) $ 0.995889
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.367169
    havven
    Synthetix Network Token (SNX) $ 18.79