Ethereum Price Could Spark A Fresh Upswing While Above $1,550

Ethereum price started a downside correction below 1,665. ETH must clear the 1,650 and 1,720 resistance levels to continue higher. Ethereum started a downside correction below the 1,650 zone. The price is trading below 1,650 and the 100-hourly Simple Moving Average. There is a declining channel forming with resistance at 1,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the 1,720 zone. Ethereum Price Holds Support Ethereum price failed to stay above the 1,680 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the 1,665 and 1,650 levels. The price even tested the 50 Fib retracement level of the upward move from the 1,505 swing low to the 1,720 swing high. However, the bulls were active near the 1,610 level. Besides, there is a declining channel forming with resistance at 1,640 on the hourly chart of ETH/USD. Ethereum price is now trading below 1,650 and the 100-hourly Simple Moving Average. If the bulls remain in action above 1,610, the price could attempt another increase. Immediate resistance is seen near the 1,650 level. The first key resistance is near the 1,665 level. The next major resistance is near the 1,680 level. A clear move above the 1,680 resistance might send the price toward the 1,720 resistance. An upside break above the 1,720 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 1,780 resistance zone or even 1,800 in the near term. Downside Continuation In ETH? If Ethereum fails to clear the 1,650 resistance, it could start a fresh decline. Initial support on the downside is near the 1,610 level. The first major support sits near the 1,590 zone or the 61.8 Fib retracement level of the upward move from the 1,505 swing low to the 1,720 swing high. A clear move below the 1,590 support might push the price toward the 1,550 support. Any more losses might send the price toward the 1,520 region. The main support could be 1,500. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – 1,610 Major Resistance Level – 1,665