Ethereum price is struggling to climb above USD 1,700 against the US dollar. ETH whales seem to be piling up, and the USD 1,620 support could be key.
- Ethereum is struggling to climb above the USD 1,680 and USD 1,700 levels.
- The price is trading below $1,670 and the 100-hour Simple Moving Average.
- A connecting bearish trendline is forming with resistance near USD 1,665 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a decent rise above the USD 1,670 and USD 1,700 resistance levels.
Ethereum price holds support
Ethereum price started a short term upside correction above the USD 1,650 level. ETH even climbed above the USD 1,670 level, but the bears, like Bitcoin, were active near the USD 1,700 zone.
The price traded at a high of USD 1,698 and it is currently moving down. There was a decline below the USD 1,670 level. The price even tested the 50% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high.
Ether is now trading below $1,670 and the 100-hour Simple Moving Average. A connecting bearish trendline is also forming with resistance around $1,665 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
On the upside, the price could see resistance near the USD 1,670 level and trendline zone. The next resistance is near the USD 1,700 zone. To kick off a decent recovery wave, the price must settle above the USD 1,700 zone. The next major resistance is near the USD 1,780 level, above which the price could rise towards the USD 1,820 level. Any further gains could push the price towards the USD 1,920 resistance.
Lose more in ETH?
If Ethereum fails to clear the USD 1,700 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 upward move from the $1,580 swing low to the $1,698 high. The next key support is close to USD 1,600. If there is a downside break below $1,600, there could be more losses. The next major support is near the USD 1,520 support level. Any further losses could send the price towards the USD 1,440 or even USD 1,320 level.
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 – $1,700
