Ethereum corrected lower and tested $1,600 against the US Dollar. ETH is holding the $1,610 support and might attempt a fresh increase.

Ethereum price started a downside correction below the $1,660 support, similar to bitcoin. ETH extended its decline below the $1,620 level, but the bulls were active near the $1,600 zone.

The bears made two attempts to push the price below $1,600, but they failed. A low is formed near $1,605 and the price is now recovering losses. It cleared the $1,620 level. There was a move above the 50% Fib retracement level of the recent decline from the $1,657 swing high to $1,605 low.

Ether price is now trading below $1,640 and the 100 hourly simple moving average. An immediate resistance is near the $1,640 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,640 on the hourly chart of ETH/USD.

The trend line is close to the 61.8% Fib retracement level of the recent decline from the $1,657 swing high to $1,605 lo. The next major resistance is near the $1,655 level. An upside break above the $1,655 resistance zone could spark a fresh increase.

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send ether price towards the $1,780 resistance zone.

If ethereum fails to clear the $1,640 resistance, it could continue to move down. An initial support on the downside is near the $1,620 level.

The next major support is near the $1,600 zone. If there is a break below $1,600, the price might accelerate lower towards the $1,565 support. Any more losses might call for a test of the $1,530 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,600

Major Resistance Level – $1,640

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