Ethereum started a downside correction from the $1,675 high against the US Dollar. ETH must stay above the $1,550 support to start a fresh increase.

Ethereum remained well bid above the $1,550 support zone. ETH started a fresh increase and was able to clear the $1,600 resistance zone and the 100 hourly simple moving average.

The price even broke the $1,650 level, but there was no test of $1,700. A high was formed near $1,675 and the price started a downside correction. There was a move below the $1,620 and $1,600 level. Ether price declined below the 50% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high.

The price tested the $1,560 support zone. It stayed above the 61.8% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high.

Ether is now consolidating losses below $1,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,600 level. There is also a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,615 level. A clear break above the $1,615 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,675 level. Any more gains might send the price toward the $1,720 resistance zone.

If ethereum fails to climb above the $1,615 resistance, it could start another decline. An initial support on the downside is near the $1,560 level.

The next major support is near the $1,550 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could decline towards the $1,500 support zone in the near term.

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 below the 50 level.

Major Support Level – $1,560

Major Resistance Level – $1,615

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