Ethereum price started a recovery wave above the $1,620 zone. ETH is now consolidating and struggling to stay higher above the USD 1,700 resistance.
- Ethereum started a recovery wave above the $1,620 zone.
- The price is trading below $1,680 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $1,685 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $1,700 zone.
Ethereum price fails to extend recovery
Ethereum price started a recovery wave above the $1,520 zone, just like Bitcoin. ETH price was able to surpass the USD 1,620 resistance and settle above the USD 1,620 level.
The price surpassed the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low. However, the bears remained active near the USD 1,700 resistance. As a result, there was a new bearish reaction. Additionally, there was a break below a bullish trendline with support at $1,685 on the hourly chart of ETH/USD.
Ethereum price is now trading below $1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,650, the price may attempt to rise again. Immediate resistance is seen around the $1,680 level. The first major resistance is near the $1,700 level.
The next major resistance is near the $1,750 level or the 50% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low. A clear move above the USD 1,750 resistance could send the price towards the USD 1,800 resistance. An upside break above the $1,800 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $1,840 or even $1,880 in the short term.
Disadvantage of continuation in ETH?
If Ethereum fails to clear the USD 1,700 resistance, it could trigger another decline. The initial downside support is near the $1,650 level. The first major support is near the $1,620 zone.
A clear move below the USD 1,620 support could push the price towards the USD 1,580 support. Any further losses could send the price towards $1,550. The main support could be $1,500.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $1,650
Major resistance level – $1,700