Ethereum price is still struggling to rise faster above USD 1,670 and USD 1,680 against the US dollar. ETH needs to stay above $1,620 to start a new increase.
- Ethereum struggled to clear the USD 1,660 resistance.
- The price is trading above USD 1,635 and the 100-hourly Simple Moving Average.
- A major contracting triangle is forming with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to remain above the $1,620 support zone for renewed upside in the near term.
Ethereum price faces a major hurdle
Ethereum price remained well supported above the $1,620 zone. ETH again climbed above the USD 1,650 resistance but, unlike Bitcoin, struggled to clear USD 1,660.
The price made two attempts to gain strength above $1,660 but failed. A high was formed near USD 1,660 and the price started a downward correction. There was a move below the USD 1,650 level. The price fell below the 50% Fib retracement level of the recent rise from the $1,627 swing low to the $1,660 high.
Ether is now trading above $1,635 and the 100-hour Simple Moving Average. It also holds the 76.4% Fib retracement level of the recent rise from the $1,627 swing low to the $1,660 high.
On the upside, the price could encounter resistance near the USD 1,650 level. There is also a major contracting triangle forming with resistance near $1,650 on the hourly chart of ETH/USD. The next resistance is near the $1,660 level. The main resistance is now forming around $1,670.
Source: ETHUSD on TradingView.com
A close above the USD 1,670 resistance could send the price towards the USD 1,750 resistance. The next major hurdle is near the USD 1,820 level. A close above the $1,820 level could send Ethereum further higher towards $1,950 in the coming days.
Disadvantage Break in ETH?
If Ethereum fails to clear the USD 1,660 resistance, it could trigger another decline. Initial downside support is near the $1,635 level and the 100-hourly Simple Moving Average.
The first major support is close to $1,620. The next major support is at USD 1,600. A clear move below $1,600 could increase selling pressure. In the mentioned case, the price could even drop to the $1,540 level in the short term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,620
Major resistance level – $1,660