Started by Bitcoin, Jan 31, 2023, 10:32 am
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Ethereum started another downside correction below $1,600 against the US Dollar. ETH is trading above $1,550, but it might face resistance near $1,600.
Ethereum price made another attempt to clear the $1,660 resistance zone. However, ETH failed to surpass the $1,660 and started a downside correction, similar to bitcoin.
There was a move below the $1,640 and $1,620 support levels. There was also a break below a major bullish trend line with support at $1,575 on the hourly chart of ETH/USD. The pair even spiked below the $1,550 level and traded as low as $1,530.
Ether price is now trading below $1,620 and the 100 hourly simple moving average. There was a minor recovery wave above the $1,550 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low.
An immediate resistance is near the $1,580 level. The next major resistance is near the $1,600 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low.
Source: ETHUSD on TradingView.com
An upside break above the $1,600 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,660 resistance. Any more gains might send ether towards the $1,720 level.
If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,550 level.
The next major support is near the $1,515 level. If there is a break below $1,515, the price might drop towards the $1,450 support. Any more losses might call for a retest of the $1,320 zone in the near term.
Hourly MACD - The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level - $1,515
Major Resistance Level - $1,600
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