Ethereum again failed to settle above the $1,620 zone against the US Dollar. ETH is slipping and it might struggle to hold above the $1,480 support.

Ethereum started another drop after there was a false breakout above $1,620. The price is now trading below $1,560 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rise unless there is a clear move below the $1,480 support.

Ethereum Price Tests Key Support

Ethereum made another attempt to clear the $1,620 resistance zone. ETH even spiked above the $1,640 and $1,650 levels. However, the bears were active near the $1660 level.

A high was formed near $1,662 and the price started a new decline. There was a break below the $1,560 and $1,550 levels. Ether price declined below the 50% Fibonacci retracement level of the upward move from the $1,488 low to $1,662 high.

The price is now trading below $1,560 and the 100 hourly simple moving average. It is also trading below the 76.4% Fibonacci retracement level of the upward move from the $1,488 low to $1,662 high.

However, it is still above the $1,500 support. Also, there is a key bullish trend line forming with support near $1,500 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,530 level. The first major resistance is near the $1,550 zone and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The main breakout zone is now forming near the $1,620 zone. A clear move above the $1,620 level could initiate a decent rally. The next key barrier is near the $1660 level, above which the price could rally towards the $1700 resistance zone.

More losses in ETH?

If ethereum fails to break above the $1,550 resistance, it could continue moving lower. An initial support on the downside is near the $1500 zone and the trend line.

A clear move below the trend line support could push the price towards the $1,480 support zone. More losses could even push ether price to the $1,400 support.

technical indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

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

Major Support Level: $1,480

Major resistance level: $1,550



This post Ethereum Stuck In Key Range, Why $1,480 Is Key

was published first on https://www.newsbtc.com/analysis/eth/ethereum-stuck-range-1480/

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