Ethereum Remains Stuck In Key Range Near $1500: Analysis

Ethereum remains stuck in key range near $1500 and failed to settle above the $1620 zone against the US dollar so let’s have a closer look at today’s latest Ethereum news.

ETH is sliding and could struggle to stay above the $1480 zone as it started another decline with a false breakout above $1620. There’s a key bullish trend line forming near the support at $1500 on the hourly chart and the pair is now able to make a fresh increase if it moves beyond the $1480 support. Ethereum remains stuck in the key range and made another attempt to clear the $1620 resistance zone. ETH spiked above this zone but the bears were quite active near the $1660 level.

A new high was formed near $1662 and the price started a new decline so there was also a downside break below the $1560 level. ETH managed to decline below the 50% fib retracement level from the upwards move of $1488 low to $1662 high. The price is trading below the $1560 and the 100 hourly simple moving average and it is tradign below the 76.4% fib retracement from the upwards move of $1488 swing low to $1662 high.

It still remains above the $1500 support zone and there’s also a key bullish trend line forming near the support level of $1500 on the charts. The immediate resistance on the upside is near the $1530 level but the first major resistance is close to the $1550 zone with the 100 hourly simple moving average. The main breakout zone is forming near the $1620 zone and moving above this level could start a new icnrease. The next key barrier is close to $1660 level abvoe which the price can rise towards $1700 resistance level.

If ETH fails to rise above the $1550 resistance, it could move down more and initial support on the downside is near the $1500 zone. Moving below this trend line might push the price to the $1480 zone so more losses could even push ETH price to the $1400 support.

As earlier reported, Cardano surges 5% and gained the most from the larger cap altcoins and the weekend came with almost no movements from the market while BTC is reclaiming the $23,000. most altcoins are calm and ADA is among the few exceptions with a 5% daily increase. The past week went well for the primary cryptocurrency and the asset recovered from the past week’s drop below $19,000 but is now near $22,000.