Ethereum price overview
Ethereum, the open-source blockchain platform, has been battling to surpass a $1,670 resistance level, trading against the US dollar. If the price should drop below a crucial support level at $1,640, another slide in its price could be imminent.
Current State of Ethereum’s Price
Currently, the Ethereum (ETH/USD) pair is grappling with a couple of significant resistance levels, specifically the $1,660 and $1,670 points. The price is now trending below the $1,660 mark and the 100-hour simple moving average(SMA). Additionally, a key bearish trend line appears to be forming close to the $1,660 resistance point on the hourly price chart of ETH/USD (based on data feed via Kraken exchange). If ETH continues to linger below the $1,670 mark for a number of counting sessions, it could trigger another downswing.
The Struggles of Ethereum
Ethereum began a recovery wave, pushing above the $1,640 mark. Just as Bitcoin, Ethereum price seems unable to break through the resistance of $1,660 and $1,670 levels. ETH showed bearish signals dropping below the significant $1,670 price mark, but managed to sustain the 50% Fibonacci retracement level of the key rise from the $1,580 swing low to the $1,698 high.
- Ethereum’s price is experiencing turbulence below $1,660 and the 100-hour SMA
- A significant bearish trend line is forming with a resistance close to $1,660 on the hourly chart of ETH/USD
If the price can stay above the $1,640 support zone, bulls might try a new rise and attempt to shift the market sentiment.
Ethereum’s resistance levels to watch
Source: ETHUSD on TradingView.com
Should ETH attempt to reverse this downturn, resistance near $1,660 and the trend line area could be a hurdle. If the price manages to close above $1,670, the price might rally towards the $1,700 pivot zone. Beyond this, key obstacles loom around the $1,720 mark. Another potential jump might drive the prices towards the $1,780 and $1,850 resistance levels.
The Threat of More ETH Losses
Failure in clearing the $1,670 resistance could potentially see the coin continue to decrease. Support on the lower side sits near the $1,640 mark with the first significant safety net at the $1,620 mark, or the 61.8% Fibonacci retracement level of the increase from the $1,580 low swing to the $1,698 high. The following significant support level falls close to the $1,580 price mark. A break below this price could speed up losses towards the $1,500 and the $1,440 mark.
Technical Indicators
Major Support Level – $1,620
Major Resistance Level – $1,670
The Moving Average Convergence Divergence (MACD) for ETH/USD on the hourly chart seems to be losing momentum in a bullish zone. The Relative Strength Index (RSI) for the ETH/USD pair is currently trading below 50, which is a bearish sign.