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Ethereum Price Looks Ready For Another Leg Lower Below $1,620
Ethereum price is struggling to clear the $1,670 resistance against the US Dollar. ETH could start another decline if it breaks the $1,640 support.
Ethereum Price Turns At Risk
Ethereum’s price started a recovery wave above the $1,640 level. However, ETH price seems to be struggling to rise above the $1,660 and $1,670 levels, like Bitcoin.
It is now showing bearish signs below the $1,670 level but also holding the 50% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high. Ether is also trading below $1,660 and the 100-hourly Simple Moving Average.
Besides, there is a key 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, the bulls could attempt a fresh increase.
Source: ETHUSD on TradingView.com
On the upside, the price might 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 toward the $1,700 pivot zone. The next major resistance is near the $1,720 level, above which the price could rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,670 resistance, it 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 key increase from the $1,580 swing low to the $1,698 high.
The next key support is close to $1,580. If there is a downside break below $1,580, the price could accelerate lower toward the $1,500 level. Any more losses might send the price toward the $1,440 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,620
Major Resistance Level – $1,670