Ethereum (ETH) Price Analysis: February 8

Ethereum began a downside correction and traded below $ 1,600 against the US Dollar. ETH price found support near $ 1,487 and is currently making up for losses. According to the technical analysis of NewsBTC’s Aayush Jindal:

• Ethereum started a downside correction below the $ 1,650 and $ 1,600 levels.
• The price is currently trading below $ 1,650 and the 100 hourly simple moving average.
• There is a key bearish trend line with resistance around $ 1,660 on the hourly chart of ETH / USD ( based on Binance data).
• The pair is likely to move higher, after clearing the $ 1,650 and $ 1,660 resistance levels in the near term.

After setting an all-time high around $ 1,760, Ethereum launched a short-term downside correction. ETH traded below the $ 1,650 and $ 1,600 support levels. There was also a break below the $ 1,560 support level and the 100 hourly simple moving average.

Ethereum tested the $ 1,500 support zone and fell to a low around $ 1,487. The price is currently rising and trading above the $ 1,550 level. There was a break above the 23.6% Fib retracement level of the downside from the $ 1,763 high to $ 1,487.

The price is now facing resistance near the $ 1,620 level and the 100 hourly simple moving average. The 50% Fib retracement level of the downtrend from $ 1,763 to $ 1,487 is also located at the $ 1,625 level.

The next critical resistance is near the $ 1,650 level. There is a key bearish trend line with resistance around $ 1,660 on the hourly chart of ETH / USD. A clear break above the trendline resistance and $ 1,665 may open the doors for a steady rise. In the stated situation, the price is likely to retest its high of $ 1,760 in the near term.

Will Ethereum (ETH) Fall?

If Ethereum fails to clear the $ 1,620 and $ 1,650 resistance levels, it could start a new low. Initial support on the downside is near the $ 1,560 and $ 1,550 levels.

A downside break below the $ 1,550 support zone could trigger strong bearish moves. The next major support is near the $ 1,500 level, below that the price could drop towards the $ 1,450 support.

Technical Indicators

• Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
• Hourly RSI – The RSI for ETH / USD is currently just above the 50 level.
• Major Support Level: $ 1,550
• Major Resistance Level – $ 1,650