Ethereum attempted to break through the $1,620 resistance level and the 100 hourly simple moving average. However, ETH failed to maintain its stability at over $1,620.
The price trimmed gains after reaching a high of $1,648. There was a decline below the $1,580 and $1,550 levels. A low has been created near $1,535 and the price is still increasing. There was a break above the $1,550 resistance level. The price of ether has cleared the 23.6% Fib retracement level of the latest drop from the $1,648 swing high to the $1,535 low.
It is now trading above the $1,550 mark as well as the 100 hourly simple moving average. On the hourly chart of ETH/USD, a key bullish trend line is forming with support near $1,560.
On the upside, immediate resistance is at $1,600. It is close to the 50% Fib retracement level of the recent slide from the swing high of $1,648 to the low of $1,535. The next significant resistance level is presently emerging near $1,620.
A decisive rise above $1,650 might push the price above the $1,650 barrier. Any further advances could pave the way for a move towards the $1,700 resistance in the short future.
If Ethereum fails to break through the $1,600 barrier, it may fall further. The 100 hourly SMA and the $1,560 zone provide early support on the downside.
The next key support is near $1,535, below which the price of ether may return to $1,500. Any further losses might push the price down to $1,420.