Ethereum Price Consolidates Below $1,600 After Recent Pullback

Ethereum Price Update

Ethereum is facing resistance around $1,650 and has corrected gains.
The price is currently below $1,600 and the 100-hourly Simple Moving Average.
A break occurred below a contracting triangle with support at $1,595.
A recovery attempt above the $1,620 resistance could lead to an increase.

Price Movements

Ethereum started above $1,520 but faced selling pressure after reaching a high of $1,655. It has since pulled back and tested the $1,565 zone. Currently, it consolidates near the 23.6% Fib retracement level from the recent high.

Resistance levels are identified at $1,610 and $1,620.
If cleared, potential upward movement may target $1,650 and beyond.
Immediate support is near $1,565, followed by $1,550.
Failure to hold $1,550 could lead to further declines toward $1,500 and $1,450.

Technical Indicators

Hourly MACD indicates bearish momentum.
RSI is below the 50 zone.

Key support and resistance levels are established as follows: Major Support Level – $1,550; Major Resistance Level – $1,620.