Ethereum price is still facing hurdles below $1,700 against the US Dollar. ETH could decline if it continues to struggle below the $1,700 resistance.
- Ethereum is facing heavy hurdles near the $1,665 resistance zone.
- The price is trading above $1,620 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise if there is a clear move above the $1,665 and $1,700 resistance levels.
Ethereum Price Faces Key Hurdle
Ethereum price started a fresh increase from the $1,600 support zone. ETH climbed above the $1,620 and $1,640 levels to avoid more losses, similar to bitcoin.
However, the bears were again active near the $1,660 and $1,665 levels. A high is formed near $1,668 and the price is now consolidating gains. It is trading below the 23.6% Fib retracement level of the upward move from the $1,597 swing low to $1,668 high.
Ether price is trading above $1,620 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,630 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,665 zone. The first major resistance is near the $1,700 zone, above which the price might rise steadily. The next major resistance is near the $1,740 zone. A close above the $1,740 resistance zone might start a fresh rally. In this case, the price may perhaps rise towards the $1,880 level.
Fresh Decline in ETH?
If ethereum fails to clear the $1,665 resistance, it could start another decline. An initial support on the downside is near the $1,635 level and the 100 hourly simple moving average.
The next major support is near the $1,620 zone and the trend line. If there is a break below $1,620, the price might retest $1,600. Any more losses might call for a test of the $1,535 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,620
Major Resistance Level – $1,665