Ethereum Price Reaches Key Juncture, Can Bulls Save The Day?
Ethereum price is struggling to clear the $1,670 resistance zone against the US Dollar. ETH must surpass $1,660 and $1,670 to continue higher in the near term.
- Ethereum is attempting an upside break above the $1,660 resistance.
- The price is trading below $1,660 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if it clears $1,660 and $1,670 in the near term.
Ethereum Price Faces Resistance
Ethereum price remained well bid above the $1.600 support zone. ETH formed a base above $1,600 and started a recovery wave, similar to bitcoin. There was an upside break above the $1,650 resistance zone.
The price spiked above the 50% Fib retracement level of the downward wave from the $1,720 swing high to $1,595 low. The bulls even attempted a close above the $1,660 level and the 100 hourly simple moving average. However, the bears remained active near the $1,670 resistance.
Ether price failed to clear the 61.8% Fib retracement level of the downward wave from the $1,720 swing high to $1,595 low. It is now trading below $1,660 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,660 level. There is also a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. The first major resistance is near the $1,670 zone. The next major resistance is near the $1,720 zone.
Source: ETHUSD on TradingView.com
A close above the $1,720 resistance zone might start a steady increase towards the $1,780 level. Any more gains might open the doors for a move towards the $1,840 level.
Fresh Decline in ETH?
If ethereum fails to clear the $1,670 resistance, it could start another downside correction. An initial support on the downside is near the $1,620 level.
The next major support is near the $1,600 zone. If there is a break below $1,600, the price might drop towards the $1,535 support. Any more losses might call for a test of the $1,500 level.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,620
Major Resistance Level – $1,670