Ethereum struggled to clear the $1,600 resistance and corrected lower against the US Dollar. ETH could remains supported and might rise from the $1,500 support.

Ethereum is correcting gains from the $1,600 and $1,580 resistance levels.
The price is now trading below $1,550 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $1,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise again if it stays above the $1,500 support zone.

Ethereum Price Remains Supported For More Gains

Ethereum price struggled to clear the $1,600 resistance zone. ETH formed a high near $1,610 and started a fresh downside correction, similar to bitcoin from $21,500.

There was a clear move below the $1,580 and $1,550 support levels. There was a break below a key bullish trend line with support near $1,580 on the hourly chart of ETH/USD. The bears even pushed the price below the $1,545 support.

Ether price is now trading below $1,550 and the 100 hourly simple moving average. It traded as low as $1,480 and is currently consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,610 swing high to $1,480 low.

An immediate resistance is near the $1,540 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $1,610 swing high to $1,480 low. The next major resistance is near the $1,560 level. An upside break above the $1,560 resistance zone could start a fresh increase.

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,600 resistance. Any more gains might send the price towards $1,650 or even $1,700 in the near term.

Dips Limited in ETH?

If ethereum fails to clear the $1,545 resistance, it could continue to move down. An initial support on the downside is near the $1,500 level.

The next major support is near the $1,480 level. If there is a move below $1,480, the price might test the $1,435 support. Any more losses might call for a test of the $1,400 zone.

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 – $1,500

Major Resistance Level – $1,545

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Filed under: Bitcoin - @ January 19, 2023 4:41 am