Ethereum price is attempting a recovery wave above USD 1,650 against the US Dollar. ETH needs to clear USD 1,660 and USD 1,700 to start a steady rise.
- Ethereum is struggling to climb above the USD 1,660 and USD 1,670 levels.
- The price is trading around $1,650 and the 100-hour Simple Moving Average.
- There was a break above a contiguous bearish trendline with resistance around $1,650 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a decent increase if it clears $1,660 and then $1,700.
Ethereum price lacks momentum
Ethereum price managed to climb above the USD 1,640 level. It seems like ETH is attempting a recovery wave above the USD 1,650 resistance zone like Bitcoin.
Recently, there was a break above a contiguous bearish trendline with resistance around $1,650 on the ETH/USD hourly chart. However, the bulls are facing resistance near USD 1,660 or the 50% Fib retracement level of the downward move from the USD 1,698 swing high to the USD 1,621 low.
Ether is now trading around $1,650 and the 100-hour Simple Moving Average. On the upside, the price could encounter resistance near the USD 1,660 level. The next resistance is near the $1,670 level or the 61.8% Fib retracement level of the downward move from the $1,698 swing high to the $1,621 low.
Source: ETHUSD at TradingView.com
A close above the USD 1,670 level could send the price towards the USD 1,700 pivot zone. To stage a decent increase, Ethereum needs to settle above the USD 1,700 level. In the said case, the price could rise towards the USD 1,780 level. Any further gains could push the price towards the USD 1,850 resistance.
Another drop in ETH?
If Ethereum fails to clear the USD 1,660 resistance, it could spark another decline. The initial downside support is near the USD 1,640 level.
The next key support is close to USD 1,620. If there is a downside break below USD 1.620, the price could accelerate towards the USD 1.5800 level. Any further losses could send the price towards the USD 1,540 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,640
Major resistance level – $1,660