Ethereum Lacks Strong Momentum Above $1550, Dips Are Limited

Ethereum lacks strong momentum above $1550 after struggling to clear the $1600 resistance and correcting lower against the US dollar. The price will remain stable above $1450 and could climb higher in the near-term so let’s read more in our latest ETH price news today.

The price is now trading above $1500 and the 100 hourly simple moving average near the key bullish trend line forming with the support near $1480 on the hourly charts of the ETH/USD pair that will continue higher towards $1600. Ethereum climbed higher above the $1550 resistance and tested the $1600 zone with the price reaching the $1596 level before starting a new downside correction.

There was a break below the $1550 support level and the price traded lower, near the 23.6% fib retracement level from the upwards move of $1296 low to $1596 swing high. There’s also another spike below the $1500 level and the 100 hourly simple moving average. ETH tested the $1450 support zone and remained stable above the 50% fib retracement level from the upwards move of $1296 low to $1596 high with the price recovering and trading above the $1500 level. There’s a key bullish trend line forming with the support near the $1480 level on the hourly charts of the pair. The initial resistance is close to the $1550 level and the main resistance is still set at $1600. Closing above this level is a must for an upside continuation in the upcoming sessions with a new key resistance nearing the $1680 level.

If ETH fails to continue higher above the $1550 and the $1600 resistance levels and it will resume its drop. The initial support on the downside is near the $1500 level with the first major support nearing the $1480 trend line. Breaking below the trend line support and a follow-up move below this level could open the doors for a sustained downtrend move towards the $1350 level. Ethereum lacks strong momentum still as the MACD for the pair is losing pace in the bullish zone and the hourly RSI is above the 50 levels. The major support level is set at $1480 and the major resistance level is set at $1600.

As reported earlier, Ethereum started a new recovery wave above the $1450 resistance zone with the price now trading well above the $1500 and the 100 hourly simple moving average and a break above the key bearish trend line with the resistance near the $1440 on the hourly chart of the pair which is facing a strong resistance near the $1600 pivot level.