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Ethereum

Ethereum Price Reaches Key Juncture, Can Bulls Save The Day?

Aayush Jindal by Aayush Jindal
3 months ago
in ETH
Reading Time: 2 mins read

Ethereum price is struggling to clear the $1,670 resistance zone against the US Dollar. ETH must surpass $1,660 and $1,670 to continue higher in the near term.

  • Ethereum is attempting an upside break above the $1,660 resistance.
  • The price is trading below $1,660 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it clears $1,660 and $1,670 in the near term.

Ethereum Price Faces Resistance

Ethereum price remained well bid above the $1.600 support zone. ETH formed a base above $1,600 and started a recovery wave, similar to bitcoin. There was an upside break above the $1,650 resistance zone.

The price spiked above the 50% Fib retracement level of the downward wave from the $1,720 swing high to $1,595 low. The bulls even attempted a close above the $1,660 level and the 100 hourly simple moving average. However, the bears remained active near the $1,670 resistance.

Ether price failed to clear the 61.8% Fib retracement level of the downward wave from the $1,720 swing high to $1,595 low. It is now trading below $1,660 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,660 level. There is also a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. The first major resistance is near the $1,670 zone. The next major resistance is near the $1,720 zone.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $1,720 resistance zone might start a steady increase towards the $1,780 level. Any more gains might open the doors for a move towards the $1,840 level.

Fresh Decline in ETH?

If ethereum fails to clear the $1,670 resistance, it could start another downside correction. An initial support on the downside is near the $1,620 level.

The next major support is near the $1,600 zone. If there is a break below $1,600, the price might drop towards the $1,535 support. Any more losses might call for a test of the $1,500 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 below the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,670

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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