Ethereum Price Rally Stalls
Ethereum’s price gained momentum above the $1,660 and $1,670 levels, trading above $1,700 and the 100-hourly Simple Moving Average. A key bearish trend line with resistance near $1,650 was broken, resulting in a correction from the $1,750 resistance.
Key Points:
- Ethereum’s price started a decent increase from the $1,620 zone.
- A break above a key bearish trend line with resistance near $1,650 occurred.
- The price climbed higher above the $1,670 and $1,700 resistance levels.
- A high was formed near $1,747 and the price is now correcting gains.
- The price is currently trading above $1,700 and the 100-hourly Simple Moving Average.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,700 level. The first key support is close to $1,680 or the 61.8% Fib retracement level. The next major support is near the $1,660 level. If there is a downside break below $1,660, the price could accelerate lower toward the $1,620 level. Any further losses might send the price toward the $1,540 level in the near term.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 level.
Hot Take: Ethereum’s price rally has hit a temporary roadblock as it failed to clear the $1,750 resistance. However, if it manages to break above this level, it could continue its upward movement towards the $1,920 and $2,000 resistance levels. On the downside, if it fails to hold above the $1,660 level, there is a possibility of further decline towards the $1,540 level.
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