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

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.