Ethereum (ETH) price fell sharply from the critical resistance of $1,650, breaking the important support levels of $1,600 and the 50 SMA simple moving average line (currently at $1,610). The result was a large red candle of 4.75 percent on the daily chart. Thus, the Ethereum price fell to $ 1,543 the previous day. It is now trading slightly above the critical support of $1,550.
On the daily chart of the ETH/USD pair we see that. Ethereum price formed a large red candle with a decline from the critical level of $1,650. Although there was some recovery attempt yesterday, it closed the day with a red candle again. However, there is some recovery attempt today, and it is close to $1,570, the upper limit of the narrow trading range it has created. Also on a daily basis today he is trying to recoup some of his losses with a green candle. However, there is no significant recovery yet.
Ethereum price support and resistance levels
For the support and resistance levels in Ethereum price in the short term, let’s look at the 4-hour chart of the ETH/USD pair. On this chart, the narrow trading range formed after the recent sharp decline seems clearer. Below this narrow trading range, support at $1,560 is visible. It has the $1,570 – $1,575 resistance in front of it. Although there have been both downward and upward swings in the last few hours, the leading altcoin Ethereum has not been able to break out of this trading range. The upside bounce touched $1,588, while below $1,553 was its lowest level so far today.
After the latest developments, we can say that the first short-term support for Ethereum price is in the $1,550 zone. Further down, the $1,500 support zone stands out. Ahead of it, the $1,570 – $1,580 zone is the first resistance in the short term. $1,600 could possibly be the main resistance zone until it breaks.
In summary, the important support and resistance levels for Ethereum are as follows:
- Support levels: $1,550 and $1,500
- Resistance levels: $1,570 and $1,600
Ethereum technical indicators
Of the technical indicators, the MACD is losing momentum in the bear region. The RSI is trying to recover towards the 40 level. See the explanations below for what the technical indicators mean.