Ethereum Price Faces Key Resistance
Ethereum has started a recovery wave from the $1,600 support level, but is currently trading below $1,650 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. The pair could start a fresh increase unless there is a close above the $1,700 level.
Key Points:
- Ethereum’s price extended its decline below the $1,650 support zone.
- The price recently started an upside correction, climbing above the $1,620 and $1,630 levels.
- The price might face resistance near the $1,650 level and the 100 hourly SMA.
- A close above the $1,665 level might send the price toward the $1,700 zone.
- If Ethereum fails to clear the $1,665 resistance, it could start another decline.
Hot Take:
Ethereum is facing key resistance at the $1,665 level and needs to close above $1,700 for a fresh increase. If it fails to do so, there is a possibility of another decline towards the $1,580 level. However, if it breaks above the resistance, the price could move towards $1,750 and even $1,800.
By
By
By
By