Ethereum Struggles to Hold Above $1,600 Support Zone
Ethereum is currently facing challenges in maintaining its position above the $1,600 support zone. The price is trading below both the $1,640 level and the 100-hourly Simple Moving Average. However, there is hope as a connecting bullish trend line with support near $1,620 is forming on the hourly chart of ETH/USD.
Ethereum Price Holds Support
Despite Ethereum’s attempt to gain strength above the $1,650 resistance level, it failed to settle above it and struggled to clear $1,665. This resulted in underperformance compared to Bitcoin. The price reached a high of around $1,664 before experiencing a fresh decline.
Currently, Ethereum is retesting the $1,620 support level after forming a low near $1,617. However, there is a minor increase above the $1,625 level.
The cryptocurrency is now trading below $1,640 and the 100-hourly Simple Moving Average. On the upside, it may face resistance near the $1,640 level or the 100-hourly SMA.
More Losses in ETH?
If Ethereum fails to break through the $1,665 resistance level, it could continue moving downwards. The initial support on the downside is near $1,620, followed by a key support at $1,600. If the price breaks below these levels, it might experience another strong decline.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone. Additionally, the RSI for ETH/USD has fallen below the 50 level.
Hot Take: Ether Needs to Break Key Resistance Levels for a Decent Upward Move
To initiate a substantial upward move, Ether must successfully settle above the $1,720 and $1,750 levels. Breaking these resistance levels could open doors for further gains, with the next key resistance level being $1,850. If the momentum continues, Ether might even reach $1,920.
Source: ETHUSD on TradingView.com
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