Ethereum Price Struggles to Recover Above $1,700

By Newt Bettec Aug 21, 202344Views

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Ethereum Price Faces Hurdles

Ethereum is struggling to recover above the $1,690 and $1,700 levels. It is trading below $1,700 and the 100-hourly Simple Moving Average. However, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD.

Main breakdowns of key points:

Ethereum’s price declined below $1,700 and tested the $1,520 zone.
There was a decent recovery wave, with a move above the $1,550 and $1,600 levels.
The price faces resistance at the $1,690 level and the 100-hourly Simple Moving Average.
If Ethereum fails to clear the $1,700 resistance, it could continue to move down.
The major support levels are $1,600 and $1,550.

Hot Take:

Ethereum is facing obstacles in its recovery above key levels. If it fails to surpass resistance at $1,700, the price may decline further. The support levels to watch are $1,600 and $1,550.

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Newt Bettec

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.