Over the past 48 hours, Ethereum has experienced a slight decline on its chart, indicating a period of consolidation.
Ethereum is consolidating gains against the dollar at $1,600. ETH is trending up and it may begin another rise above $1,650. The ethereum price started a downwards correction from the $1,680 barrier level. ETH, like bitcoin, has corrected downward below the $1,650 and $1,620 levels.
The price fell below the 23.6% Fib retracement level of the upward wave from the swing low of $1,501 to the high of $1,680. The price fell sharply below $1,630 and the 50 hourly simple moving average. However, the price remained stable at $1,600.
The one-day Ethereum price analysis indicates that the price has experienced a significant drop today, facilitated by the bears who have been able to disrupt the consecutive bullish runs. On the last two days Doji candles formed on the daily chart indicate uncertainty.
The four-hour Ethereum price analysis has been trading in a consolidation zone over the past 48 hours. The price has been trading in a falling channel line, touching the top and bottom of the channel line. A bullish strike has also occurred in the recent week, which has been quite strong. However, the bears have once again overcome the bullish impetus and are able to keep their lead. The bulls drove the price to a day's high of $1,641, but the bears quickly took control, and the price has been steadily declining since then. The price levels are dropping once more, and there is a good chance that ETH may drop even more in the upcoming week.
The channel resistance and an immediate resistance is placed at the $1,650 level. The next major resistance is at $1,665. A breach over the $1,665 barrier level might cause a new rally. In the aforementioned scenario, the price may rise towards the $1,720 barrier. Any further gains might push the price up to $1,800 or possibly $1,850 in the near term.
If ethereum fails to break through the $1,650 resistance, it may begin another downtrend. On the downside, the $1,620 level and the 100 hourly SMA provide initial support. The next significant support is at $1,580, or the 50% Fib retracement level of the upward wave from the $1,501 swing low to the $1,680 high. If the price breaks below $1,580, it may fall towards the $1,540 support. Any more losses may require a test of the $1,500 level.
According to price analysis, the market capitalization of Ethereum is estimated to be around $200,305,995,685. Its 24-hour trading volume is approximately $8,376,396,355, indicating a 0.06% increase in market capitalization and a 19.17% increase in transaction volume during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $1,670-$1,710
SUPPORT LEVEL : $1,600-$1,560
As Ethereum continues to remain steadfast above the $1,600 threshold, many investors are pondering whether this could be the commencement of a new bull market for ETH. We would be delighted to hear your insights in the comments section below.