Against the US dollar, the price of ethereum is battling to move beyond $1,700. The $1,620 support may be important since ETH whales appear to be gathering.

  • Ethereum is having difficulty moving above the $1,680 and $1,700 price points.
  • The price is trading below both the 100-hour simple moving average and the $1,670 mark.
  • On the hourly chart of ETH/USD (data feed via Kraken), there is a connected negative trend line forming, with resistance located at approximately $1,665.
  • Above the $1,670 and $1,700 resistance levels, the pair might begin a respectable climb.

Ethereum Price Holds Support

Above $1,650, Ethereum’s price started a brief upward correction. Even if ETH rose above $1,670, like Bitcoin, bears were aggressive in the $1,700 area.

The price is now declining and reached a high of $1,698 during trading. There was a decline of under $1,670. Even the 50% Fib retracement level of the upward movement from the $1,580 swing low to the $1,698 high was tested by the price.

At this time, the price of ether is below $1,670 and the 100-hour SMA. On the hourly chart of ETH/USD, a connecting negative trend line is also developing, with resistance located close to $1,665.

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 More Losses in ETH?

Ethereum may continue to decline if the $1,700 resistance is not overcome. Near $1,640 is where initial support on the downside is located.

The 61.8% Fib retracement level of the upward movement from the $1,580 swing low to the $1,698 high, or the $1,620 area, serves as the first significant support. Nearly $1,600 is the next crucial level of support. More losses can occur if the price breaks lower on the downside than $1,600. Near the $1,520 support level is the next significant level of support. Any additional losses might push the price down below $1,320 or even the $1,440 mark.


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