The $1,665 barrier zone marked the beginning of a significant price drop for Ethereum. In a manner similar to that of bitcoin, the price of ETH fell sharply below the support levels of $1,620 and $1,600.
The price has dropped by more than 5%, and there was a brief surge to a level below $1,550. On the hourly chart of ETH/USD, there was also a breach below a strong bullish trend line that had support at $1,625 earlier in the day. Near the price of 1,542 dollars has become a new low, and it is now consolidating its losses.
The price has recently been trading close to the 23.6% Fib retracement level of the decline that began from the swing high of $1,677 and ended at the low of $1,542.
The price of ether is now trading at a level that is lower than $1,600 as well as the 100 hourly simple moving average. On the upside, the price is encountering opposition close to the zone of 1,590 dollars. The first significant obstacle is located close to the zone of $1,600. It is close to the 50% Fib retracement level of the bearish move from the swing high of $1,677 to the low of $1,542, which is a mark over which the price may increase continuously if it breaks above it. The next significant barrier to overcome is located close to the $1,625 zone.
A new surge might get underway if the price of bitcoin sustains a closing over the $1,625 barrier zone. In this scenario, there is a chance that the price will go up to the 1,665 dollar level.
It is possible that the price of ethereum will continue to fall if it is unable to break below the resistance level of $1,600. At the level of $1,550 is where early support on the downside might be found.
The region around 1,535 dollars constitutes the subsequent important support. In the event that the price falls below $1,535, it may make another attempt at $1,500. Should there be any additional losses, the level at $1,420 might be put to the test.
