Price Analysis

Ethereum Price Holds $1500-Flashes Bullish Signals to Reach $1600 During Next Bullish Move

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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  • Ethereumis presently correcting gains after making an effort to clear the $1600 levels

  • A flip may be registered once the asset plunges slightly below $1500

Ethereum price struggled finely around $1600 with an intent to clear these levels at the earliest but the fresh bearish action destroyed the bullish momentum. After reaching the higher resistance close to $1610, the price began with a fresh decline.

The move failed to respect the support zones between $1580 to $1550 due to the lack of bullish momentum at these levels which assisted the bears to slash the price below $1545. 

The second-largest crypto was trading above the pivotal 100-EMA after rebounding from the recent lows below $1500 at around $1480. However, the fresh plunge slashed the price below these levels in the hourly chart.

Therefore, a minor consolidation may be expected for a while between $1512 and $1548 which may assist the bulls to accumulate some strength. 

The impending resistance is around $1550 which is close to 0.5 FIB levels of the recent decline from $1610. However, after a notable upswing beyond $1560 a notable upswing may begin that could enhance the possibility of surging back beyond $1600. If the bulls keep up their strength then a notable upswing may be expected close to $1650 which could be further escalated close to $1700. 

However, the upswing may be certainly hindered by the bearish action which is expected to drop at frequent intervals.

If the ETH price fails to clear the interim resistance at $1550, which appears likely, it could again lose support at $1500 and reach $1480. Failing to sustain at these levels may intensify the bearish action towards $1435 and later at $1400. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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