Ethereum Struggles to Rise Above $1,700 Level

Ethereum Struggles to Break Resistance Levels

Ethereum is currently facing difficulties in surpassing the $1,680 and $1,700 levels. The price is trading below $1,670 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $1,665. However, there is a possibility of a decent increase if the pair can break above the $1,670 and $1,700 resistance levels.

Ethereum Price Holds Support

After a brief upside correction above the $1,650 level, Ethereum’s price encountered resistance near the $1,700 zone. The price dropped below $1,670 and tested the 50% Fibonacci retracement level of the upward move. Currently, ETH is trading below $1,670 and the 100-hourly Simple Moving Average, with a bearish trend line forming near $1,665 on the hourly chart of ETH/USD.

Possible Upside Resistance Levels

If the price manages to overcome resistance near $1,670 and the trend line zone, the next obstacle lies at the $1,700 level. A successful break above $1,700 could lead to a decent recovery wave, with the next major resistance at $1,780. Further gains may push the price towards $1,820 and potentially even $1,920.

Potential Downside and Support Levels

If Ethereum fails to clear the $1,700 resistance, it may experience further downside movement. Initial support is near the $1,640 level, followed by the $1,620 zone or the 61.8% Fibonacci retracement level. The next key support levels are at $1,600 and $1,520. Additional losses could take the price towards $1,440 or even $1,320.

Technical Indicators

The MACD for ETH/USD is showing signs of losing momentum in the bullish zone. The RSI for ETH/USD is currently below the 50 level.

Hot Take: Ethereum’s struggles to break above key resistance levels suggest a lack of upward momentum. The price is currently trading below the 100-hourly Simple Moving Average, indicating bearish sentiment. However, if Ethereum manages to overcome the resistance at $1,670 and $1,700, a recovery wave could be possible. On the other hand, failure to break above these levels may result in further downside movement.