Ethereum’s Struggles with Ascenting above $1700
There is a noted struggle in the rise of the Ethereum price above the threshold of $1,700 against the United States Dollar. As this struggle continues, it is observed that the ETH whales begin to amass, making the $1,620 support crucial in this instance.
Primary Points of Concern:
- Ethereum price is having trouble exceeding the $1,680 and $1,700 levels.
- The current price is less than both $1,670 figure mark and the 100-hourly Simple Moving Average.
- A connecting bearish trend line that is forming has resistance near the $1,665 level according to the hourly chart of ETH/USD. The data is based on feeds via Kraken.
- The duo could potentially ensue a promising increase once it has exceeded the $1,670 and $1,700 resistance levels.
Ethereum’s Articulation of Support
The price of Ethereum commenced a short-term upward adjustment above the $1,650 mark. With Ethereum climbing above the $1,670 level, bears were exceptionally active near the $1,700 zone, following a similarly seen trend with Bitcoin.
The highest figure reached was as high as $1,698, before the price began to fall. The drop extended below the $1,670 level, with the price even touching the 50% Fib retracement level of the upward hike from the $1,580 low swing to the $1,698 high point.
Currently, Ether is trading below both the $1,670 level and the 100-hourly Simple Moving Average. In this period, a connecting bearish trendline is taking shape with resistance in the proximity of the $1,665 position on the hourly ETH/USD chart.
Source: ETHUSD on TradingView.com
On the brighter side, the Ethereum price could encounter resistance near the $1,670 level and the trend line zone. The next obstacle can be found near the $1,700 mark. To initiate a recovery wave, the price needs to settle above the $1,700 mark. The following major resistance sits near the $1,780, and if breached, there might be a chance to touch the $1,820 level. Any further gains could elevate the price towards the $1,920 resistance threshold.
The Future – More Losses or Gains?
If Ethereum fails to clear the $1,700 resistance, the price could keep sinking. The initial support on the drop is estimated to be at the $1,640 level.
- The first significant support is speculated to be around the $1,620 zone. This is essentially the 61.8% Fib retracement level from the initial climb from the $1,580 swing low to the $1,698 peak.
- The next vital support lies somewhere close to the $1,600 level. If the $1,600 mark is breached, Ethereum could encounter more losses. Any further losses could push the price towards the $1,440 level or as low as $1,320.
Important Technical Indicators
- Hourly MACD: The MACD for ETH/USD is losing its momentum within the bullish zone.
- Hourly RSI: The RSI for ETH/USD lies under the 50 level currently.
Main Support Level: $1,620
Primary Resistance Level: $1,700
