Ethereum is presently at the hands of sellers, who might interrupt its upward momentum and drive it down to the $1,500 zone, or even lower.
since there has been a steady pullback from the previous high over the last 48 hours with no signs of buying interest.
ETH/USD is likely to fall considerably more next week, with a higher low set below $1,560 support.
Ethereum started a downward retracement from its high of $1,680 against the dollar. To start a new rise, ETH must stay above the $1,550 support level. Ethereum is still trading far over the $1,550 support level. ETH began a new trend and was able to break over the $1,600 resistance zone as well as the 100 hourly simple moving average.
The price even crossed $1,650, but there was no test of $1,700. A high was made around $1,680, and the price began to decline. There was a drop below $1,620 and $1,600. The price of ether fell below the 50% Fib retracement level of the upward run from the swing low of $1,503 to the high of $1,680.
The price reached the $1,560 support level. It remained above the 61.8% Fib retracement level of the upward run from the swing low of $1,503 to the high of $1,680. Ether's losses are now consolidated below $1,600 and the 100 hourly simple moving average.
On the upside, an immediate resistance is at $1,600. On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $1,605. The next significant resistance level is at $1,615 USD. A clear break above the $1,615 resistance level might set the tone for a steady rise. In the given case, the price may reach $1,680. Any further gains might push the price up to the $1,720 barrier level. A breakout over $1,720 might lead to a rally towards the $1,800 level.
If ethereum fails to break over the $1,615 resistance, it may fall further. On the downside, an early support level is at $1,560. The next major support is at the $1,550 level, below which the ether price may begin to fall. In the situation given, the price might fall in the short term to the $1,500 support zone.
According to Price Analysis, the market capitalization of this ETH is expected to be $193,811,104,113. The coin's 24-hour trading volume is nearly $12,893,065,685. The market capitalization of Ethereum has fallen by 1.93%. However, trading volume decreased by 26.40% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $1,620-$1,660
SUPPORT LEVEL : $1,540-$1,500
After breaching above $1,600, ETH reached a high of $1,680 and pulled back from the upper level, forming a double top pattern. Will ETH follow the pattern and expect more selling in the near term? Please tell us more about your previous experience.
