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Ethereum was unable to stay above the $1,600 barrier level against the US dollar. ETH is correcting lower and must stay above $1,540 in order to continue increasing.<a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow">Ethereum</a> attempted but failed to break above the $1,620 level. The bears were active at the $1,620 level, and the price started to fall.According to price analysis, Before the price corrected lower, a high near $1,619 was formed. The price fell below $1,560 and the 100 hourly simple moving average. The bulls, on the other hand, were active at the $1,530 and $1,525 levels. The price has formed a bottom at $1,530 and is currently consolidating.A break above $1,550 and the 100 hourly simple moving average occurred. The price has risen above the 50% Fib retracement level of the recent drop from the $1,619 swing high to the $1,530 low.It is currently consolidating between $1,550 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant rising channel is forming with support at $1,540. It is facing resistance at $1,580 and $1,585.The recent decline from the $1,619 swing high to the $1,530 low has a 61.8% Fib retracement mark near the $1,585 level. The next major resistance level is currently forming at $1,620.A clear break over $1,620 might lead the price towards $1,650 resistance. Any more increases might open the door for a challenge of the $1,700 resistance in the near term.If ethereum fails to break through the $1,585 resistance level, it may drop lower. On the downside, an initial support is at the $1,540 zone and the channel trend line.KEY LEVELS :RESISTANCE LEVEL : $1610-$1660SUPPORT LEVEL : $1520-$1470Get more crypto related updates on :-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow">https://www.coingabbar.com/en/crypto-news-english</a>

Cryptocurrency price update: ETHEREUM PRICE ANALYSIS : Will ETH again face resistance of the bullish channel line

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