In terms of the US dollar, Ethereum remained well bid above the $1,465 level. If ETH closes above the $1,600 resistance, it may begin a new surge. The bulls were active near $1,465 as ETHEREUM corrected lower. The price currently trades above $1,500 and above the 100 hourly simple moving average.

On the hourly chart of ETH/USD, a critical bullish trend line is forming with support near $1,520. The pair could begin a new surge if there is a clear move above the $1,600 level.

Ethereum Price Remains Stable

Ethereum has begun a downward correction below $1,550. Even though ETH traded below the $1,500 support level, bulls were active near major support.

It tested the $1,465 support level and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a critical bullish trend line is forming with support near $1,520. The pair remained above the critical $1,465 support level and began to rise again.

The price of Ether has risen above the $1,550 resistance level. A move above the 50% Fib retracement level of the downside correction from the $1,622 swing high to the $1,464 low occurred.

The price currently trades above $1,500 and above the 100 hourly simple moving average. The $1,585 level is immediate upward resistance. It is close to the 76.4 percent Fib retracement level of the downside correction from the swing high of $1,622 to the low of $1,464.

The first major resistance is located near $1,600. The main breakout zone is currently forming near $1,620. A clear move above $1,620 could kick-start another major rise. The next major barrier is near $1,700, above which the price may rise to the $1,800 resistance zone.

More ETH Losses?

If Ethereum fails to break through the $1,585 resistance level, it may continue to fall. The trend line and the $1,520 zone provide initial support on the downside.

A clear break below the trend line support could decrease the price to the $1,465 support level. Any further losses could push the price of Ether down to the $1,375 support level.