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.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.
