The price of Ethereum has experienced a decline in momentum; however, it continues to uphold a bullish framework above key support levels. The price of Ethereum encountered resistance at the $1,650 level and subsequently experienced a correction in its gains. Ethereum is currently in a phase of consolidation and may seek to breach the $1,620 resistance level. Ethereum has initiated a new downward trend from the $1,650 level. The asset is currently trading beneath the $1,600 mark and the 100-hour Simple Moving Average.
A breakdown occurred beneath a short-term contracting triangle, with support identified at $1,595 on the hourly chart for ETH/USD, as per data sourced from Kraken. The pair may initiate a new upward trend contingent upon surpassing the $1,620 resistance threshold. The price of Ethereum has experienced another decline. The price of Ethereum has demonstrated resilience, maintaining stability above the $1,520 threshold while initiating a new upward trajectory, mirroring the movements observed in Bitcoin. ETH experienced trading activity exceeding the $1,600 and $1,620 thresholds prior to the emergence of bearish sentiment.
The price reached a peak at $1,655, subsequently initiating a new pullback. A decline occurred beneath the $1,600 threshold. Additionally, a breach occurred beneath a short-term contracting triangle, with support identified at $1,595 on the hourly chart for ETH/USD. The duo examined the $1,565 threshold. The market established a low at $1,564, and the current price is stabilizing around the 23.6% Fibonacci retracement level of the decline from the $1,655 peak to the $1,564 trough.
The current trading price of Ethereum has fallen below $1,600, as well as the 100-hourly Simple Moving Average. On the positive side, the price appears to encounter obstacles around the $1,600 threshold. The subsequent significant resistance is located around the $1,610 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $1,655 peak to the $1,564 trough. The initial significant resistance is located around the $1,620 mark. A decisive breach of the $1,620 resistance level could propel the price towards the $1,650 resistance threshold. A breach above the $1,650 resistance level could signal potential for further appreciation in the forthcoming sessions. In the current scenario, Ether has the potential to appreciate towards the $1,720 resistance level, or possibly even reach $1,800 in the short term.
Should Ethereum be unable to surpass the $1,620 resistance level, it may initiate a new downward trend. The preliminary support on the downside is approximately at the $1,565 mark. The primary level of support is positioned around the $1,550 mark. A decisive breach beneath the $1,550 support level could drive the price down to the $1,500 support threshold. Further declines could push the price down to the $1,450 support threshold in the short run. The subsequent critical support level is positioned at $1,420.
Quantitative Metrics :
- The hourly MACD for ETH/USD is exhibiting increasing momentum within the bearish territory.
- The hourly Relative Strength Index for ETH/USD has fallen below the neutral threshold of 50.
- Key Support Threshold – $1,550
- Significant Resistance Threshold – $1,620