Ethereum could not hold above the $1,600 barrier level versus the US dollar. ETH is correcting lower and must remain above $1,540 to continue rising. ETHEREUM could not break through the $1,620 and $1,625 resistance levels. The price is trading close to $1,550 and the 100 hourly simple moving average.

On the hourly chart of ETH/USD, a significant rising channel is forming with support near $1,540. If the pair remains above the $1,540 and $1,500 support levels, it may begin another rise.

The Ethereum Price Remains Stable

Ethereum attempted but failed to break above the $1,620 barrier. The bears were aggressive near the $1,620 level, and the price began to fall.

Before the price corrected lower, a high of near $1,619 was achieved. The price fell below $1,560 and the 100 hourly simple moving average. On the other hand, the bulls were active at the $1,530 and $1,525 levels. The price has formed a low near $1,530 and is now consolidating. A break above $1,550 and the 100 hourly simple moving average occurred. The price has risen just above the 50% Fib retracement level of the latest drop from the $1,619 swing high to the $1,530 low. It is currently settling between $1,550 and the 100 hourly simple moving average.

On the hourly chart of ETH/USD, a significant rising channel is forming with support near $1,540. It sees resistance at $1,580 and $1,585. The latest slide from the $1,619 swing high to the $1,530 low has a 61.8% Fib retracement mark near the $1,585 level. The next significant resistance level is presently emerging near $1,620. A clear break above $1,620 might drive the price towards the $1,650 resistance. Any further increases might pave the way for a challenge of the $1,700 resistance in the short term.

A New Drop in ETH?

If Ethereum fails to break through the $1,585 resistance level, it may fall further. On the downside, initial support is near the $1,540 zone and the channel trend line.

The next key support is around $1,500, below which the ether price may begin to fall. In the aforementioned scenario, the price might fall to $1,425 or below. Any further losses might push the price down to $1,380. Good luck!