Ethereum might recover to $1,800 mark, as it has found its support at about $1,520. Now ETH is attempting an upward price correction and everyone is hopeful that it will make a strong move toward the aforementioned mark.
Ethereum remained strongly bid above $1,520 and corrected above $1,600.
The price is currently trading below $1,650 as well as the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $1,625.
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If there is a decisive move over the $1,650 barrier, the pair might begin to rise, and Ethereum might recover to $1,800 mark
ETH Price Faces Obstacles
Ethereum found support at around $1,520. The bears attempted twice to drive the price of ETH below the $1,520 support, but the bulls remained active.
A base was built at about $1,520, and the price began to rise steadily. The price rose over the $1,580 and $1,600 resistance levels. The price of ether even surpassed the 23.6% Fib retracement level of the decline from the $1,880 swing high to the $1,524 low.
It is currently trading below $1,650 as well as the 100 hourly simple moving average. The $1,650 level is an immediate upward resistance. On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $1,625.
The first significant obstacle is already building at the $1,700 mark. It is close to the 50% Fib retracement level of the decline from the $1,880 swing high to the $1,524 low. A clean break over $1,700 might propel the price much higher.
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The next significant resistance is at $1,800. A clear break above the $1,800 resistance level might perhaps drive the price above the $1,850 level.
Are There Going To Be More Losses?
If Ethereum fails to break through the $1,650 barrier, it may continue to fall. On the downside, initial support is at $1,560.
The next key support is at $1,520, below which the price of ether may begin to fall. In the aforementioned scenario, the price may fall to $1,480. Any further losses might pave the way for a move towards the $1,465 mark.
What About Bitcoin?
In similar news we reported that Bitcoin’s price was also struggling as it also face obstacles, on the upcoming resistance at $21,500 and the 100 hourly SMA.
As of the time of writing Bitcoin still hasn’t surpassed the $21,500 resistance level, and if it fails to do just that, then it may continue to fall.
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