Ethereum price started a fresh increase above the $1,550 zone. ETH is now correcting gains from $1,680 and finding bids near the $1,500 level.
Ethereum started a decent increase above the $1,550 and $1,600 levels.
The price is trading below $1,580 and the 100-hourly Simple Moving Average.
There is a new connecting bearish trend line forming with resistance at $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,580 resistance zone.
Ethereum Price Trims Gains
Ethereum price formed a base above $1,400 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,480 and $1,550 resistance levels.
The bulls even pumped the price above the $1,600 zone. A high was formed at $1,687 and the price recently started a downside correction. There was a move below the $1,600 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $1,385 swing low to the $1,687 high.
Ethereum price is now trading below $1,580 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,550 level. There is also a new connecting bearish trend line forming with resistance at $1,550 on the hourly chart of ETH/USD.
The next key resistance is near the $1,580 level. The first major resistance is near the $1,620 level. A clear move above the $1,620 resistance might send the price toward the $1,680 resistance. An upside break above the $1,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
