Ethereum price struggled finely around $1600 with an intent to clear these levels at the earliest but the fresh bearish action destroyed the bullish momentum. After reaching the higher resistance close to $1610, the price began with a fresh decline.
The move failed to respect the support zones between $1580 to $1550 due to the lack of bullish momentum at these levels which assisted the bears to slash the price below $1545.
The second-largest crypto was trading above the pivotal 100-EMA after rebounding from the recent lows below $1500 at around $1480. However, the fresh plunge slashed the price below these levels in the hourly chart.
Therefore, a minor consolidation may be expected for a while between $1512 and $1548 which may assist the bulls to accumulate some strength.
The impending resistance is around $1550 which is close to 0.5 FIB levels of the recent decline from $1610. However, after a notable upswing beyond $1560 a notable upswing may begin that could enhance the possibility of surging back beyond $1600. If the bulls keep up their strength then a notable upswing may be expected close to $1650 which could be further escalated close to $1700.
However, the upswing may be certainly hindered by the bearish action which is expected to drop at frequent intervals.
If the ETH price fails to clear the interim resistance at $1550, which appears likely, it could again lose support at $1500 and reach $1480. Failing to sustain at these levels may intensify the bearish action towards $1435 and later at $1400.