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Ethereum price is struggling to overcome the $1,670 resistance against the US Dollar. ETH could start another slide if it breaks the $1,640 support.
- Ethereum is struggling to rise above the $1,660 and $1,670 levels.
- The price is trading below $1,660 and the 100 hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could initiate another slide if it stays below $1,670 for a few more sessions.
Ethereum Price Becomes At Risk
Ethereum price started a recovery wave above the $1,640 level. However, the price of ETH seems to be struggling to rise above the $1,660 and $1,670 levels, like Bitcoin.
Currently the price is showing bearish signs below the $1,670 level but also holding the 50% Fib retracement level of its main advance from the $1,580 swing low to a high of $1,698. Ether is also trading below $1,660 and the 100 hourly Simple Moving Average.
Apart from that, there is a major bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. If the price stays above the $1,640 support zone, buyers may try a new advance.
Source: ETHUSD at TradingView.com
On the upside, price may face resistance near the $1,660 level and the trend line zone. The next resistance is near the $1,670 level. A close above the $1,670 level might send the price towards the $1,700 pivot zone. The next major resistance is near the $1,720 level, above which the price could advance towards the $1,780 level. Further gains might send the price towards the $1,850 resistance.
More to Lose in ETH?
If Ethereum fails to pass the $1,670 resistance, Ethereum could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the main advance from the $1,580 swing low to a high of $1,698.
The next major support is near $1,580. If there is a downside break below $1,580, the price could move lower towards the $1,500 level. Further losses might send the price towards the $1,440 level in the near term.
Technical Indicators
MACD every hour – MACD for ETH/USD is losing momentum in the bullish zone.
RSI every hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1,620
Main Resistance Level – $1,670
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