TA: Ethereum Remains Vulnerable To Print New Low Below $1,500

Ethereum is struggling to clear the $1,650 resistance against the US Dollar. ETH remains at a risk of more downsides below the $1,500 support. Ethereum attempted to clear the $1,650 resistance but failed. The price is now trading below $1,630 and the 100 hourly simple moving average. There is a key rising channel forming with support near $1,605 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if there is a clear move below the $1,545 support zone. Ethereum Price Turns Red Ethereum started a minor upside correction from the $1,520 support zone. ETH climbed above the $1,550 and $1,600 levels. The price even climbed above the $1,640 level and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the key decline from the $1,880 swing high to $1,524 low. However, the bears were active above the $1,650 level. There was no upside continuation above the $1,680 level. Ether price is now trading below $1,630 and the 100 hourly simple moving average. It is also testing the $1,600 support zone. Besides, there is a key rising channel forming with support near $1,605 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,630 level. The first major resistance is now forming near the $1,650 level. Source: ETHUSD on TradingView.com A clear move above the $1,650 level could send the price towards the $1,700 resistance zone. It is...