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Ethereum price tested the $1,600 area and it is currently correcting higher against the US Dollar. ETH is facing a lot of resistance near the $1,650 and $1,670 levels.
- Ethereum started a recovery wave from the $1,600 support.
- The price is trading below $1,650 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh rise until there is a close above the $1,700 level.
Ethereum price is facing major resistance
Ethereum price declined below the $1,650 support area. ETH price even declined below $1,620 and tested the $1,600 handle like bitcoin.
A bottom was formed near $1,600 and the price started a recent correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the decline from the $1,748 high to $1,600 low.
Ether is still trading below $1,650 and the 100-hour simple moving average. Moreover, there is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD.
On the upside, the price may face resistance near the $1,650 level and the 100-hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fibonacci retracement level of the downside move from the $1,748 high to $1,600 low.
Source: ETHUSD at tradingview.com
If there is a close above the $1,665 level, the price could move towards the $1,700 area. To start a fresh increase, Ethereum needs to consolidate above the $1,700 pivot level. The next resistance could lie near the $1,750 level. Any more gains could send the price towards the $1,800 resistance.
Another drop in ETH?
If Ethereum fails to clear the $1,665 resistance, it could start another decline. On the downside, an initial support is near the $1,630 level.
The first major support is near the $1,600 level. The next major support is near the $1,580 level. If there is a decline below $1,580, the price could extend its decline towards the $1,540 level. Any further losses could take the price towards the $1,480 level in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is losing momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now well above the 50 level.
Key Support Level – $1,600
Major Resistance Level – $1,665
source: www.newsbtc.com
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