Ethereum’s price has started to drop below $1,665. For it to keep going up, it needs to break through the resistance levels at $1,650 and $1,720. The price has fallen below $1,650 and is now trading under that level, as well as below the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD (data from Kraken), a declining channel is forming with resistance at $1,640. If the price stays below $1,720, it could keep moving down.
Ethereum Price Holds Support
Ethereum couldn’t stay above $1,680 and continued to drop, similar to Bitcoin. It picked up speed to fall below $1,665 and $1,650. The price even tested the 50% Fibonacci retracement level of the rise from the $1,505 low to the $1,720 high. However, buyers stepped in around the $1,610 level. Additionally, a declining channel with resistance at $1,640 is forming on the hourly chart of ETH/USD.
Ethereum is now trading below $1,650 and the 100-hourly Simple Moving Average. If buyers stay active above $1,610, the price might try to rise again. The first resistance is around $1,650, followed by $1,665. The next major resistance is near $1,680. A clear break above $1,680 could push the price toward $1,720. If it breaks above $1,720, it might lead to more gains in the coming days. In that case, Ether could rise toward $1,780 or even $1,800 soon.
Downside Continuation in ETH?
If Ethereum fails to break the $1,650 resistance, it could start a new decline. The first support on the downside is near $1,610. The next major support is around $1,590, which is the 61.8% Fibonacci retracement level of the rise from $1,505 to $1,720. A clear move below $1,590 could push the price toward $1,550. Further losses might send it toward $1,520, with the main support at $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 level.
– Major Support Level: $1,610
– Major Resistance Level: $1,665
Frequently Asked Questions
Here is a list of FAQs about the idea that Ethereums price could start a new upward move as long as it stays above 1550
BeginnerLevel Questions
1 What does it mean when people say Ethereum needs to stay above 1550 to go up
It means that 1550 is seen as a key support level If Ethereums price stays above that number it suggests buyers are strong enough to prevent a big drop As long as it holds the price has a good chance of climbing higher
2 Why is 1550 such a big deal for Ethereums price
1550 is a price where Ethereum has bounced back up in the past Many traders watch this level closely If it drops below they might panic and sell If it stays above it shows confidence and can attract more buyers
3 If Ethereum stays above 1550 how high could it go
No one knows for sure but if it holds that level the next targets are often around 1700 then 1800 or 2000 It depends on overall market news and trading volume
4 What happens if Ethereum drops below 1550
Dropping below 1550 could be a bad sign It might mean the upward move is over and the price could fall furtherpossibly to 1400 or even 1300 Traders often sell quickly when a key support level breaks
5 Is 1550 a guarantee that Ethereum will go up
No Its just a strong signal not a guarantee The price could still drop due to bad news a crash in Bitcoin or global economic issues Its a good sign but not a sure thing
IntermediateLevel Questions
6 How do you determine that 1550 is a support level for Ethereum
Analysts look at past price history If the price has bounced up from 1550 multiple times it becomes a support level They also use tools like moving averages and volume analysis to confirm that buyers step in at that price
7 What technical indicators should I watch to confirm the move above 1550 is real
Look for