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The leading altcoin ETH $2,437.01 Ethereum -1.90% Market capitalization $294.1 billion VOL. 24 hours $0.76 billion managed to recover and gain a foothold above the pivot level of $ 1,620. The price is now consolidating above the 23.6% Fibonacci retracement level from the downward movement at $ 1,742 to a low of $ 1,585. Cryptocurrency experts suggest that bears are active below the $ 1,650 level.
A clear movement above the $ 1,665 resistance zone could be the beginning of a decent growth, market analysts believe. In this case, the price could reach resistance at $ 1,700. The next key resistance could be $ 1,720, and further growth could open the door to a move to $ 1,750.
If Ethereum fails to overcome the resistance of $ 1,665, another decline in the virtual asset may begin. The initial support from the downside is near the $ 1,630 level. The next key support is $ 1,620.
The first major support is now at $ 1,585. A breakdown below this level could lead to the start of a new powerful bearish wave. In this case, the ETH price could even reach $ 1,540 and then fall to $ 1,500.
Technical indicators:
- The hourly RS for ETH/USD is below the 50 level.
- The main support level is $ 1,620
- The main resistance level is $ 1,665