Ethereum price is struggling to clear the USD 1,670 resistance against the US dollar. ETH could drop again if it breaks the USD 1,640 support.
- Ethereum is struggling to climb above the USD 1,660 and USD 1,670 levels.
- The price is trading below $1,660 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,660 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop again if it stays below USD 1,670 for a few more sessions.
Ethereum price is at risk
Ethereum price started a recovery wave above the USD 1,640 level. However, the price of ETH seems to be struggling to climb above the USD 1,660 and USD 1,670 levels, just like Bitcoin.
It is now showing bearish signs below the USD 1,670 level, but also holding the 50% Fib retracement level of the main rise from the USD 1,580 swing low to the USD 1,698 high. Ether also trades below $1,660 and the 100-hour Simple Moving Average.
In addition, a major bearish trendline is forming with resistance near USD 1,660 on the ETH/USD hourly chart. If the price continues above the USD 1,640 support zone, the bulls could attempt another rise.
Source: ETHUSD at TradingView.com
On the upside, the price could see resistance near the USD 1,660 level and trendline zone. The next resistance is near the USD 1,670 level. A close above the USD 1,670 level could send the price towards the USD 1,700 pivot zone. The next major resistance is near the USD 1,720 level, above which the price could rise towards the USD 1,780 level. Any further gains could push the price towards the USD 1,850 resistance.
Lose more in ETH?
If Ethereum fails to clear the USD 1,670 resistance, it could continue to decline. The initial downside support is near the USD 1,640 level. The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the main rise from the $1,580 swing low to the $1,698 high.
The next key support is close to USD 1,580. If there is a downside break below USD 1,580, the price could accelerate towards the USD 1,500 level. Any further losses could send the price towards the USD 1,440 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 below the 50 level.
Major Support Level – $1,620
Major resistance level – $1,670