Ethereum Struggles to Break Resistance
If you’ve been following Ethereum’s price, you may have noticed that it has been struggling to gain momentum above the $1,650 zone. Currently, the price is trading below $1,640 and the 100-hourly Simple Moving Average, indicating a bearish trend. On the hourly chart of ETH/USD, you can see two bearish trend lines forming with resistance near $1,630 and $1,640.
If the bears continue to push the price lower, we could see Ethereum accelerate below the $1,600 support level. This would further increase the bearish sentiment surrounding the cryptocurrency.
Ethereum Attempts Recovery, But Faces Resistance
In an attempt to recover, Ethereum’s price briefly climbed above the $1,630 level. However, it faced strong resistance near the $1,650 zone, similar to Bitcoin. As a result, the price is now moving lower and showing bearish signs.
The hourly chart of ETH/USD reveals two bearish trend lines with resistance near $1,630 and $1,640. Additionally, Ethereum is currently trading below the 100-hourly Simple Moving Average, indicating a bearish trend.
If the price manages to break above the resistance levels at $1,630 and $1,640, it could move toward the $1,670 zone. The main resistance lies near $1,700, followed by $1,750.
Hot Take: Ethereum Faces Possible Losses
Should Ethereum fail to clear the resistance at $1,640, it may continue its downward movement. The initial support on the downside is near $1,610, followed by the key support level at $1,600. If the price breaks below $1,580, it could see a further decline toward $1,540.
Currently, the MACD for ETH/USD is gaining momentum in the bearish zone, and the RSI is below the 50 level, indicating a bearish sentiment. Keep an eye on the major support level at $1,600 and the resistance level at $1,640 for potential price movements.
Disclaimer: This is not financial advice. Investing in cryptocurrencies carries a risk and you should do thorough research before making any investment decisions.
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