Ethereum worth is making an attempt a restoration wave above $1,650 in opposition to the US Dollar. ETH should clear $1,660 and $1,700 to begin a gradual improve.
- Ethereum is struggling to rise above the $1,660 and $1,670 ranges.
- The worth is buying and selling close to $1,650 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish pattern line with resistance close to $1,650 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair may begin an honest improve if it clears $1,660 after which $1,700.
Ethereum Price Lacks Momentum
Ethereum’s worth managed to settle above the $1,640 degree. It looks as if ETH is making an attempt a restoration wave above the $1,650 resistance zone, like Bitcoin.
Recently, there was a break above a connecting bearish pattern line with resistance close to $1,650 on the hourly chart of ETH/USD. However, the bulls are going through resistance close to $1,660 or the 50% Fib retracement degree of the downward transfer from the $1,698 swing excessive to the $1,621 low.
Ether is now buying and selling close to $1,650 and the 100-hourly Simple Moving Average. On the upside, the worth would possibly face resistance close to the $1,660 degree. The subsequent resistance is close to the $1,670 degree or the 61.8% Fib retracement degree of the downward transfer from the $1,698 swing excessive to the $1,621 low.
Source: ETHUSD on TradingView.com
A shut above the $1,670 degree would possibly ship the worth towards the $1,700 pivot zone. To begin an honest improve, Ethereum must settle above the $1,700 level. In the said case, the worth would possibly rise towards the $1,780 degree. Any extra positive aspects would possibly ship the worth towards the $1,850 resistance.
Another Decline in ETH?
If Ethereum fails to clear the $1,660 resistance, it may begin one other decline. Initial assist on the draw back is close to the $1,640 degree.
The subsequent key assist is near $1,620. If there’s a draw back break under $1,620, the worth may speed up decrease towards the $1,5800 degree. Any extra losses would possibly ship the worth towards the $1,540 degree within the close to time period.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is dropping momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 degree.
Major Support Level – $1,640
Major Resistance Level – $1,660
