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The price of Ethereum did not recover above USD 1,700 and dropped below USD 1550. ETH now corrects losses and may encounter resistance near the USD 1620 zone.
- Ethereum did not remain above levels of 1620 and 1550 USD.
- The price is sold below USD 1620 and a 100-hour elementary movable average.
- There is a connecting line of bears trend formed with a resistance of USD 1615 on the ETH/USD hour chart (data channel via Kraken).
- The pair is threatened with larger losses if they do not remove the resistance zone of USD 1620.
The recovery of Ethereum prices is in the face of immunity
The price of Ethereum did not remain above the support zone worth USD 1700 and extended losses such as Bitcoin. ETH has fallen significantly below USD 1,650 and USD 1620.
Bears even reduced the price below USD 1550. Low was created at 1,410 USD, and the price has recently improved some losses. There was traffic above USD 1550. The price increased above 23.6% of the level of withdrawal FIB from 1,815 USD to the highest level of USD 1410.
Bears, however, are busy near the USD 1620 zone. The price of Ethereum is currently listed below USD 1620, and a 100-hour elementary movable average. On the other hand, the price seems to be charged near USD 1615.
There is also a connecting bearing trend line formed with a resistance of USD 1615 on the ETH/USD hour chart. It is similar to 50% of the downward FIB withdrawal level from $ 1,815 to the lowest level of $ 1,410. Another key resistance is close to USD 1660.
The first high resistance is near USD 1720. A clear movement above the resistance 1,720 USD may send a price up to 1,820 USD. An additional break above USD 1 820 resistance may require more benefits in the upcoming sessions. In the given case, the ether may escalate towards the retaining zone of USD 1,880 or even $ 1920 in the near future.
Another decrease in ETH?
If Ethereum does not neat the resistance of USD 1620, he may start another decrease. Initial support is near USD 1540. The first enormous support is located near a zone worth USD 1505.
A clear traffic below support worth USD 1505 can speed up the price towards support of USD 1420. Any losses can send a price in relation to the level of support of USD 1380 in the near future. Another key support is USD 1,320.
Technical indicators
MacD hours – – MacD for ETH/USD loses the rush in the stubborn zone.
RSI hours – – RSI for ETH/USD is now above zone 50.
Main level of support – USD 1540
Main level of resistance – USD 1620
