Ethereum Struggles to Rise Above Key Levels
Ethereum’s price is facing difficulties in surpassing the $1,660 and $1,670 levels. It is currently trading below $1,660 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $1,660. If the price remains below $1,670 for a few more sessions, it could enter another decline.
Key Points:
- Ethereum’s price is struggling to rise above $1,660 and $1,670 levels.
- The price is trading below $1,660 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance near $1,660 on the hourly chart.
- If the price stays below $1,670 for a few more sessions, it could start another decline.
- The price might face resistance near the $1,660 and $1,670 levels on the upside.
If the price manages to stay above the $1,640 support zone, the bulls may attempt a fresh increase. On the upside, the next resistance levels are at $1,660 and $1,670. A close above $1,670 could push the price towards the $1,700 pivot zone. Further resistance levels are at $1,720 and $1,780.
However, if Ethereum fails to clear the $1,670 resistance, it could continue moving down. The initial support is at $1,640, followed by the $1,620 zone. The next major support levels are at $1,580 and $1,500. Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bullish zone, and the RSI is below the 50 level.
Hot Take: Ethereum’s struggle to rise above key resistance levels indicates a bearish trend in the short term. It needs to break above the $1,670 level to regain bullish momentum. However, if it fails to do so, the price could decline further towards the $1,500 level.
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