Ethereum Price Is Around $1,540 Support Zone

The Ethereum price finds support near the $1,540 zone after dropping drastically. ETH is trading at a low of $1,542 and has recently started a consolidation phase, the same as BTC.

Based on the report we summarized from tradingview.com site, there is a small increase above $1,560. The price rose above the 50% Fib retracement level of the wave down from the swing high or swing high around $1,677 to the swing low of $1,542. However, the price of ETH is still trading below the nominal $1,600 with a modest 100-hour moving average. There is also a major contraction triangle formed with resistance near $1,570 on the chart present on ETH/USD on the hourly. On the bright side, the price faces resistance close to the $1,570 zone.

The first major resistance is close to the $1,580 zone and the next one is close to the $1,600 level. It is close to the 50% Fib retracement level of the wave down from the swing high or swing high of around $1,677 and to the swing low of $1,542. Above that, the price is likely to continue to rise. The next major resistance is near $1,640. A close above the $1,640 resistance zone is likely to start a new rally. In this case, the price may rise to the level of $1,670. If ETH fails to clear the $1,580 resistance, then this could keep the price moving down. Initial support on the downside is close to the $1,550 level. The next major support point is near the $1,540 zone, if there is a break below $1,540, then the price is likely to retest to $1,500. Further losses are likely to require a test of the level to $1,420. 

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Ethereum Price Technical Indicators

MACD/Hour – The MACD for the ETH/USD pair is currently losing momentum in the bearish zone. RSI/Hourly – The RSI for the ETH/USD pair is currently below the 50 level. Key Support Level – $1,540 Major Resistance Level – $1,580

Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading. Get the latest news and articles from other GIC Indonesia, you can check on Google News every day to find out the latest updates about the world of forex to crypto. Also trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!