Ethereum remained well bid above the $1,550 zone against the US Dollar. ETH could start a fresh increase if it clears the $1,625 resistance zone.

Ethereum started a downside correction after it formed a short-term top near the $1,665 level. ETH declined below the $1,620 and $1,600 levels.

There was a move below the 50% Fib retracement level of the key wave from the $1,485 swing low to $1,665 high. Ether price even spiked below the $1,580 level and the 100 hourly simple moving average. However, the bulls were active near the $1,550 support zone.

It found bids near the 61.8% Fib retracement level of the key wave from the $1,485 swing low to $1,665 high. The price is now trading above $1,560 and the 100 hourly simple moving average.

There is also a major contracting triangle forming with resistance near $1,620 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,620 level and the triangle trend line zone. The first major resistance is near the $1,640 and $1,650 levels, above which the price could gain bullish momentum.

Source: ETHUSD on TradingView.com

In the stated case, the price could even test the $1,700 level. Any more gains might send the price toward the $1,800 resistance zone.

If ethereum fails to climb above the $1,625 resistance, it could continue to move down. An initial support on the downside is near the $1,575 level and the 100 hourly simple moving average.

The first major support is near the $1,550 level and the triangle lower trend line. A downside break below the $1,550 zone might increase selling pressure. In the stated case, ether price may perhaps 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 above the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,625

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