Analytics
bt-crow.com
3 h
Reading time: ~2 m
Ethereum remained at a good level after it started a downward correction from the $1,665 zone. ETH fell below the $1,580 level, but the bulls were active around the $1,550 level. 600 and $1,620
The course tested the key 61.8% Fibonacci retracement level of the major advance from the $1,485 swing low to the $1,665 high. Bulls defended more losses below the $1,550 support zone and the 100 hourly simple moving average. Now it is back above $1,580 and is consolidating.
Also on the hourly ETH/USD chart, a key contracting triangle is forming with resistance near $1,600. Immediate upward resistance lies near the $1,600 level and the triangle trendline zone.
The first major resistance is near the $1,620 and $1,625 levels, above which the rate could return to a high of $1,665. A clear break above $1,665 could set the stage for a new rally. In this case, the ETH rate may even test the $1,750 level. Further growth may send the altcoin rate to the $1,800 resistance zone.
On the other hand. If Ethereum fails to rise above the $1,600 resistance, it could slowly decline. Initial support on the downside is near the $1,570 level and the 100 hourly simple moving average.
The first major support is near the $1,550 level. A break below the $1,550 zone could require a test of the 76% Fibonacci retracement level of the underlying gain from the $1,485 swing low to the $1,665 high. Any new losses could possibly send Ethereum towards the support zone $1,485 in the near future.
#Ethereum #anticipation #rally #collapse
