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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Ethereum Whales Accumulate – Can Price Start Recovery Now?

Aayush Jindal by Aayush Jindal
1 month ago
in ETH
Reading Time: 2 mins read

Ethereum price is struggling to rise above $1,700 against the US Dollar. ETH whales seem to accumulate, and the $1,620 support could be the key.

  • Ethereum is struggling to rise above the $1,680 and $1,700 levels.
  • The price is trading below $1,670 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 decent increase above the $1,670 and $1,700 resistance levels.

Ethereum Price Holds Support

Ethereum’s price started a short-term upside correction above the $1,650 level. ETH even climbed above the $1,670 level but the bears were active near the $1,700 zone, like Bitcoin.

The price traded as high as $1,698 and is currently moving lower. There was a drop below the $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-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,670 level and the trend line zone. The next resistance is near the $1,700 zone. To start a decent recovery wave, the price must settle above the $1,700 zone. The next major resistance is near the $1,780 level, above which the price could rise toward the $1,820 level. Any more gains might send the price toward the $1,920 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,700 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 upward move from the $1,580 swing low to the $1,698 high. The next key support is close to $1,600. If there is a downside break below $1,600, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,440 level or even $1,320.

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 – $1,700

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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