The previous day, Ethereum had dropped to the $1,585 support area and reacted positively as soon as it hit this support. Note that the price of Ethereum is in a descending channel in the lower time frame, and the channel's ceiling at $1643 represents a minor resistance. Of course, Ethereum has a lot of resistance in the channel ranges of $1,600 to $1,700, and to completely cross these levels, high strength is required from the buyers. Otherwise, the range trend can continue, or even correction can occur.
If Ethereum fails to cross from the $1,643 resistance, it could start another downside correction. Initial support on the downside is $1,621.
The next major support is nearly $1,585. Any more losses might call for a test of the $1,501 zone.
If Ethereum fails to cross from the $1,643 resistance, it could start another downside correction. Initial support on the downside is $1,621.
The next major support is nearly $1,585. Any more losses might call for a test of the $1,501 zone.
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