Ethereum Price Struggles to Maintain Gains
Ethereum has experienced a loss in gains and is currently trading near the $1,630 mark. The price of Ethereum is below $1,660 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a bearish trend line forming with resistance near $1,650.
Ethereum Holds Support Above $1,620
Despite a bearish reaction, Ethereum managed to recover and stay above the $1,620 pivot level. After forming a swing low near $1,585, the price bounced back above $1,620. It is now consolidating above the 23.6% Fib retracement level.
However, Ethereum is currently trading below $1,660 and the 100-hourly Simple Moving Average. The price might face resistance near the $1,650 level. Additionally, there is a connecting bearish trend line forming on the hourly chart.
Possible Fresh Increase if Resistance Levels are Cleared
If Ethereum clears the resistance levels at $1,650 and $1,665, it could start a fresh increase. A move above these levels could lead to a visit to the $1,700 resistance level. The next key resistance would be at $1,720.
Potential for Another Decline in ETH
If Ethereum fails to break the $1,665 resistance level, it may experience another decline. The initial support on the downside is near $1,630 with further support at $1,620. A break below the support level at $1,585 could trigger a strong bearish wave with a potential drop towards $1,540 or even down to $1,500.
Technical Indicators
The MACD for ETH/USD is showing a loss of momentum in the bearish zone, while the RSI is below the 50 level.
Hot Take: Ethereum Faces Resistance and Potential Decline
Ethereum’s price struggles to maintain gains as it faces resistance near the $1,650 level. If it fails to break through this resistance, there is a possibility of another decline towards the $1,540 or even $1,500 level. Traders should closely monitor the price action and watch for any breakout above the resistance levels, which could lead to a fresh increase towards $1,700 and beyond.
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