Today's Ethereum price analysis is bearish due to a strong pullback from the $1,650 level following a strong gain yesterday. Since then, ETH/USD has already begun to fall, with a further retracement expected over the following 24 hours.
The Ethereum price gave a bullish breakout from the $1600-$1575 barrier on October 29th, with a large volume rise. The cryptocurrency is currently down 2.30% and provides a retest chance for the broken resistance. However, in response to the rounding bottom pattern, the Ethereum price targets a rise to $1800.
Ethereum began a downward reversal against the dollar at $1,665. If ETH remains above the $1,550 support level, it may begin a new uptrend. Ethereum stayed bullish over the $1,450 and $1,500 resistance levels. With a closing over the 100 hourly simple moving average, ETH gained momentum and traded above the $1,560 resistance zone.
The price broke over the $1,600 resistance and reached a new multi-week high of $1,663. Recently, there was a downward correction between $1,620 and $1,600. The price of ether fell below the 23.6% Fib retracement level of the upward run from the swing low of $1,480 to the high of $1,663.
It is presently trading above the $1,550 mark as well as the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant declining channel is forming with resistance at $1,600.
On the 4-hour chart, we can see a strong challenge of the $1,550 support, which should lead to more declines over the next 24 hours. Over the last several days, Ethereum has traded with significant bullish momentum, going as high as the $1,600 barrier. However, a significant retracement did not occur as ETH/USD regained support near $1,500.
From there, ETH surged higher once again, surpassing the next barrier level of $1,650. The lower reaction came soon, resulting in a steady slide overnight down to the $1,600 support.
Given that there have been no bullish indicators in the Ethereum price subsequently, we anticipate that the slide will continue later today. The upcoming week is likely to see more selling in ETH/USD, which might lead to a more significant retracement if the $1,500 prior low is breached.
According to Price Analysis, the market capitalization of this ETH is expected to be $193,560,199,746. The coin's 24-hour trading volume is roughly $14,781,211,334. The market capitalization of Ethereum has fallen by 2.09%. However, trading volume decreased by 21.87% during intraday trading.
On the upside, immediate resistance is at the $1,600 level, as well as the channel trend line zone and the 50 hourly simple moving average. The first big barrier is at the $1,650 and $1,665 levels, over which the price may begin to rise. In the given scenario, the price may possibly reach $1,700. A decisive break over the $1,700 resistance zone might set the stage for a new rise. In the above scenario, the price might rise to $1,720.
If Ethereum fails to break through the $1,600 barrier, it may continue to fall. The 100 hourly simple moving average and the $1,570 level provide initial support on the downside. The 50% Fib retracement level of the upward movement from the swing low of $1,480 to $1,663. In the short term, a break below $1,550 might push the price towards the $1,500 support zone and the 100 hourly simple moving average.
KEY LEVELS :
RESISTANCE LEVEL: $1,610-$1,660
SUPPORT LEVEL: $1,530-$1,480
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