Ethereum worth examined the $1,600 zone and is at the moment recovering in opposition to the US Dollar. ETH is going through many hurdles close to $1,650 and $1,670.
- Ethereum began a restoration wave from the $1,600 help stage.
- The worth is buying and selling beneath $1,650 and the 100-hourly Simple Moving Average.
- There is a connecting bearish pattern line forming with resistance close to $1,665 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
- The pair may begin a recent enhance except there’s a shut above the $1,700 stage.
Ethereum Price Faces Key Resistance
Ethereum’s worth prolonged its decline beneath the $1,650 help zone. ETH worth even spiked beneath the $1,620 and examined the $1,600 deal with, like Bitcoin.
A low was fashioned close to $1,600 and the value lately began an upside correction. There was a transfer above the $1,620 and $1,630 ranges. The worth climbed above the 23.6% Fib retracement stage of the downward transfer from the $1,748 swing excessive to the $1,600 low.
Ether remains to be buying and selling beneath $1,650 and the 100-hourly Simple Moving Average. Besides, there’s a connecting bearish trend line forming with resistance close to $1,665 on the hourly chart of ETH/USD.
On the upside, the value may face resistance close to the $1,650 stage and the 100 hourly SMA. The subsequent resistance is close to the $1,660 stage and the pattern line. It is near the 50% Fib retracement stage of the downward transfer from the $1,748 swing excessive to the $1,600 low.
Source: ETHUSD on TradingView.com
A detailed above the $1,665 stage may ship the value towards the $1,700 zone. To begin a recent enhance, Ethereum should settle above the $1,700 pivot stage. The subsequent resistance is likely to be close to $1,750. Any extra features may ship the value towards the $1,800 resistance.
Another Decline in ETH?
If Ethereum fails to clear the $1,665 resistance, it may begin one other decline. Initial help on the draw back is close to the $1,630 stage.
The first key help is near $1,600. The subsequent main help is close to the $1,580 stage. If there’s a draw back break beneath $1,580, the value may lengthen its decline towards the $1,540 stage. Any extra losses may ship the value towards the $1,480 stage within the close to time period.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is dropping momentum within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 stage.
Major Support Level – $1,600
Major Resistance Level – $1,665
