Ethereum started a downside correction from $1,665 against the US Dollar. ETH could start a fresh increase if it stays above the $1,550 support.

Ethereum remained in a positive zone above the $1,450 and $1,500 resistance levels. ETH gained pace and traded above the $1,550 resistance zone, with a close above the 100 hourly simple moving average.

The price cleared the $1,600 resistance and traded to a new multi-week high at $1,664. Recently, there was a downside correction below the $1,620 and $1,600 levels. Ether price even declined below the 23.6% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high.

It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,600 level and the channel trend line zone. The first major resistance is near the $1,650 and $1,665 levels, above which the price could gain bullish momentum. In the stated case, the price could even test the $1,700 level.

Source: ETHUSD on TradingView.com

A clear upside break above the $1,700 resistance zone could set the pace for a fresh increase. In the stated case, the price might rise towards the $1,720 level.

If ethereum fails to climb above the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,565 level and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high is also near $1,565. A downside break below the $1,550 zone might send the price towards the $1,500 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,600

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