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Ethereum (ETH) Price Analysis: Holding Critical Support, What Are The Significant Levels?

Ethereum   rose to a monthly high of $ 1,655 before correcting against the US Dollar .

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Ethereum (ETH) Price Analysis: Holding Critical Support, What Are The Significant Levels?

Ethereum   rose to a monthly high of $ 1,655 before correcting against the US Dollar . ETH price tries to stay above $ 1,600, but as long as it is above the 100 hourly SMA, it is likely to remain stable. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Ethereum pushed its rise above the $ 1,600 and $ 1,625 resistance levels.
  • The price is currently correcting below $ 1,600 and is approaching the 100 hourly simple moving average.
  • There is a major bullish trend line formed with support near $ 1,550 on the hourly chart of ETH / USD ( based on Kraken data).
  • The pair could either drop below $ 1,550 or start a fresh increase above $ 1,620.

Ethereum (ETH) Price Holds Critical Support

Ethereum pushed the recovery wave above the key $ 1,600 resistance level. ETH even broke the $ 1,625 resistance level and settled well above the 100 hourly simple moving average.

It formed a new all-month high around $ 1,655 before starting a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from $ 1,455 to $ 1,655. Ether is currently correcting below $ 1,600 and is approaching the 100 hourly simple moving average.

Instant support is near the $ 1,555 level. This is near the 50% Fib retracement level of the bullish move from $ 1,455 to $ 1,655. There is also a major bullish trend line formed with support around $ 1,550 on the hourly chart of ETH / USD.

ethereum eth price analysis holds critical support important levels what 1

The price is facing upside hurdles near $ 1,600 and $ 1,615. There is also a connecting bearish trend line on the same chart with resistance near $ 1,610.

If there is a clear breakout and trendline resistance above $ 1,600, there could be a steady increase. The next major resistance is near the $ 1,650 level and if it breaks it could test $ 1,685.

Will Ethereum (ETH) Fall?

If Ethereum cannot continue above the $ 1,600 and $ 1,610 resistance levels, it could continue its decline. The first support on the downside is near the $ 1,550 level and the trend line.

The first major support is near the $ 1,540 zone and the 100 hourly SMA. A downside break below the $ 1,550 and $ 1,540 levels could open the doors for a move towards the $ 1,500 level.

Technical Indicators

  • Hourly MACD – The MACD for ETH / USD is losing momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH / USD is currently approaching the 50 level.
  • Major Support Level: $ 1,550
  • Major Resistance Level – $ 1,610

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