⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Ethereum Price Slips 6% to $1,525 Support; What Does This Mean For The Market?

Posted Wednesday, January 25, 2023 by
Arslan Butt • 1 min read

ETHEREUM has begun a downward reversal versus the US dollar under $1,600. ETH is down more than 6% and is still at risk of falling below the support level of $1,480. The Ethereum price was unable to break through the $1,650 resistance level. ETH , like bitcoin, has fallen lower, just below $1,620 and $1,600. The slide accelerated underneath the 50% Fibonacci retracement level of the upward run from the swing low of $1,480 to the high of $1,680.

The price fell more than 6% in a single day, trading well below the $1,550 support level. The price has produced a bottom near $1,518 and is now consolidating losses.

The price of ether is currently trading under $1,600 and the 100 hourly simple moving average. Near the $1,555 mark, there is instant resistance. It is around the 23.6% Fibonacci retracement level of the latest slide from the swing high of $1,680 to the low of $1,518.

The next significant resistance is $1,660. It is approaching the 50% Fib retracement level of the recent slide from the swing high of $1,680 to the low of $1,518. On the hourly chart of ETH /USD, a key negative trend line is emerging with resistance near $1,620

A breach above the $1,620 barrier level could spark a new rise. In the aforementioned scenario, the price may move toward the $1,680 resistance.

More ETH losses?

If ETHEREUM fails to break through the $1,600 barrier, it may continue to fall. On the downside, initial support is near the $1,520 level or the current low.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments