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Ethereum Price
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Ethereum Price Looks Ready For Another Leg Lower Below $1,620

Aayush Jindal by Aayush Jindal
4 weeks ago
in ETH
Reading Time: 2 mins read

Ethereum price is struggling to clear the $1,670 resistance against the US Dollar. ETH could start another decline if it breaks the $1,640 support.

  • Ethereum is struggling to rise above the $1,660 and $1,670 levels.
  • 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 another decline if it stays below $1,670 for a few more sessions.

Ethereum Price Turns At Risk

Ethereum’s price started a recovery wave above the $1,640 level. However, ETH price seems to be struggling to rise above the $1,660 and $1,670 levels, like Bitcoin.

It is now showing bearish signs below the $1,670 level but also holding the 50% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high. Ether is also trading below $1,660 and the 100-hourly Simple Moving Average.

Besides, there is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. If the price stays above the $1,640 support zone, the bulls could attempt a fresh increase.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,660 level and the trend line zone. The next resistance is near the $1,670 level. A close above the $1,670 level might send the price toward the $1,700 pivot zone. The next major resistance is near the $1,720 level, above which the price could rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,670 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high.

The next key support is close to $1,580. If there is a downside break below $1,580, the price could accelerate lower toward the $1,500 level. Any more losses might send the price toward the $1,440 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is 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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