Ethereum price is struggling to stay above the USD 1,620 support against the US dollar. ETH needs to clear the USD 1,665 hurdle to start a new rise.
- Ethereum has pared all gains and is now trading around the $1,630 level.
- The price is trading below $1,660 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it overcomes the USD 1,650 and USD 1,665 resistance levels.
Ethereum price holds support
Ethereum managed to recover and remain above the USD 1,620 pivot level. Yesterday we discussed a bearish reaction in ETH below the $1,650 level, like Bitcoin.
A swing low was formed near $1,585 before the price recovered above $1,620. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $1,742 swing high to the $1,585 low. It seems like the bears are active below the USD 1,650 level.
Ethereum is now trading below $1,660 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 1,650 level. A connecting bearish trendline is also forming with resistance around $1,650 on the hourly chart of ETH/USD.
The next major resistance is $1,665 and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the downward move from the $1,742 swing high to the $1,585 low.
Source: ETHUSD on TradingView.com
A clear move above the $1,665 resistance zone could trigger a significant upside. In the mentioned case, the price could reach the resistance at USD 1,700. The next major resistance could be $1,720. Any gains could open the doors for a move towards $1,750.
Another drop in ETH?
If Ethereum fails to clear the USD 1,665 resistance, it could trigger another decline. The initial downside support is near the $1,630 level. The next major support is at USD 1,620.
The first major support is now near $1,585. A downward break below the USD 1,585 support could trigger another strong bearish wave. In the mentioned case, the price could even reach the $1,540 level. In the mentioned case, there is a risk of a decline towards the $1,500 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,620
Major resistance level – $1,665
