Ethereum Shows Resilience as Prices Cool Off While Holding Key Support Levels

Ethereum’s bullish momentum has slowed, with prices retreating from recent highs. Despite the pullback, the asset maintains a structurally positive outlook by holding above critical support zones. Market participants are monitoring these levels closely, as sustained defense could signal underlying strength and potential for renewed upward movement. The current consolidation follows a period of notable gains, reflecting typical market cycles of advance and retracement.

Ethereum Price Dips Again

Ethereum price remained stable above the $1,520 level and started a fresh increase, like Bitcoin. ETH traded above the $1,600 and $1,620 levels before the bears appeared.

A high was formed at $1,655 and the price started a fresh pullback. There was a move below the $1,600 level. Besides, there was a break below a short-term contracting triangle with support at $1,595 on the hourly chart of ETH/USD. The pair tested the $1,565 zone.

A low was formed at $1,564 and the price is now consolidating NEAR the 23.6% Fib retracement level of the downward move from the $1,655 swing high to the $1,564 low.

Ethereum price is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level. The next key resistance is near the $1,610 level and the 50% Fib retracement level of the downward move from the $1,655 swing high to the $1,564 low.

The first major resistance is near the $1,620 level. A clear move above the $1,620 resistance might send the price toward the $1,650 resistance. An upside break above the $1,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,720 resistance zone or even $1,800 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $1,620 resistance, it could start a fresh decline. Initial support on the downside is near the $1,565 level. The first major support sits near the $1,550 zone.

A clear move below the $1,550 support might push the price toward the $1,500 support. Any more losses might send the price toward the $1,450 support level in the near term. The next key support sits at $1,420.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,550

Major Resistance Level – $1,620