Ethereum is still vulnerable to go below the $1,500 support level, as the cryptocurrency is struggling to break through the $1,650 barrier against the US dollar.
Ethereum attempted but failed to break over the $1,650 barrier level.
The price is currently trading below $1,630 as well as the 100 hourly simple moving average.
There is a significant rising channel building with support at $1,605 on the hourly chart of ETH/USD.
If there is a definite move below the $1,545 support zone, the pair might continue to fall, as Ethereum is still vulnerable to go below the $1,500 support level.
ETH Price Is Turning Red
From the $1,520 support level, Ethereum began a minor upward correction. ETH has risen over the $1,550 and $1,600 mark.
The price has even surpassed the $1,640 mark and the 100 hourly simple moving average. The significant slide from the $1,880 swing high to the $1,524 low was broken above the 23.6% Fib retracement level. The bears, on the other hand, were active over $1,650.
There was no more upward movement above $1,680. The price of ether is currently trading below $1,630 and the 100-hourly simple moving average. It is also approaching the $1,600 support level.
On the hourly chart of ETH/USD, a significant rising channel is forming with support at $1,605. On the upside, immediate resistance is at $1,630. The first significant barrier is already emerging at $1,650.
A clean break over $1,650 might push the price towards the $1,700 resistance zone. It is close to the 50% Fib retracement of the crucial slide from the $1,880 swing high to the $1,524 low. The next big barrier is at $1,740, over which the price may increase and challenge the $1,800 mark.
ETH – Will There Be A Fresh Drop?
If Ethereum fails to break through the $1,650 barrier, it may continue to fall. On the downside, an initial support area is at the $1,600 zone and the channel trend line.
The next key support is at $1,545, below which the price of ether may begin to fall. In the given scenario, the price might fall to around $1,500. Any more losses might pave the way for a move towards the $1,450 mark.
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