ethereum price is slowly moving towards the $1,600 support against the US Dollar. eth remains at risk of further losses unless it breaks above $1,650 and $1,665.
- ethereum is struggling to stay above the $1,600 support zone.
- The price is trading below $1,640 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support near $1,620 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could start a new rise if it breaks the resistance levels of $1,650 and $1,665.
ethereum Price Holds Support
ethereum made another attempt to gain strength above the $1,650 resistance. eth failed to settle above the $1,650 level, struggled to break above $1,665, and underperformed bitcoin.
A high was formed near $1,664 before the price suffered a further decline. It retested the support at $1,620. A low has formed near $1,617 and the price is now attempting another recovery wave. There was a minor increase above the $1,625 level.
ethereum is now trading below $1,640 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,620 on the hourly chart of eth/USD.
On the upside, the price could face resistance near the $1,640 level or the 100 hourly simple moving average. It is close to the 50% Fibonacci retracement level of the recent drop from the high of $1,664 to the low of $1,617.
The next major resistance is $1,650 or the 76.4% Fib retracement level of the recent drop from the high of $1,664 to the low of $1,617. The main resistance is still near the $1,665 level. A close above the $1,665 resistance could send the price towards the key resistance at $1,750.
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Fountain: ETHUSD on TradingView.com
To start a decent upward move, Ether needs to settle above the $1,720 and $1,750 levels. The next key resistance could be $1,850. Any further gains could open the doors to a move towards $1,920.
More losses on eth?
If ethereum fails to clear the $1,665 resistance, it could continue down. Initial support on the downside is near the $1,620 level. The next key support is $1,600.
The first major support is now near $1,585. A downside break below the $1,585 support could start another sharp decline. In the indicated case, the price could revisit the $1,540 level. Any further losses could perhaps send Ether towards the $1,500 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $1,600
Main Resistance Level: $1,665