Ethereum price climbed above $1,650 but failed to surpass $1,670 against the US Dollar. ETH trimmed gains and now consolidating near the $1,630 zone.
Ethereum struggled to clear the $1,670 resistance.
The price is trading above $1,630 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $1,628 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $1,620 support zone to start a fresh increase in the short term.
Ethereum’s price started a decent increase above the $1,620 resistance. ETH even climbed above the $1,650 resistance before the bears appeared, like Bitcoin.
During the increase, there was a break above a key bearish trend line with resistance near $1,628 on the hourly chart of ETH/USD. However, the bears defended the $1,670 resistance. A high was formed near $1,669 and the price started a downside correction.
There was a move below the $1,650 level. The price declined below the 50% Fib retracement level of the upward move from the $1,613 swing low to the $1,669 high.
Ether is now trading above $1,630 and the 100-hourly Simple Moving Average. It is also trading near the 61.8% Fib retracement level of the upward move from the $1,613 swing low to the $1,669 high. On the upside, the price might face resistance near the $1,650 level.
Source: ETHUSD on TradingView.com
The next resistance is near the $1,670 level. A close above the $1,670 resistance might send the price toward the $1,720 resistance. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880 in the coming days.
If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,630 level and the 100-hourly Simple Moving Average.
The first key support is close to $1,620. The next key support is $1,600. A downside break below $1,600 might start another bearish wave. In the stated case, the price could even decline toward the $1,540 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is 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
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
