Against the US dollar, the price of Ethereum is attempting a recovery wave above $1,580. ETH is having difficulty breaking through $1,620 and may begin a new downturn.
- Ethereum is having trouble picking up speed to move above $1,600 and $1,620.
- The price is trading below both the 100-hour simple moving average and the $1,600 mark.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a significant bearish trend line forming, with resistance located near $1,600.
- Without a closing above $1,620, the pair may begin another slide.
Ethereum Price Struggles Above $1,600
At $1,530, Ethereum’s price began an upward correction. Like Bitcoin, ETH was able to rise beyond the $1,560 and $1,580 barrier levels.
Even the 50% Fib retracement level of the significant slide from the $1,670 swing high to the $1,530 low was crossed by the bulls. The $1,600 resistance level and the 100-hour simple moving average were surpassed by the price. However, the bears made a move close to the important resistance level around $1,620.
Ether was unable to surpass the critical decrease from the $1,670 swing high to the $1,530 low at the 61.8% Fib retracement level. On the hourly chart of ETH/USD, there is also a significant negative trend line forming with resistance close to $1,600.
Ethereum is currently trading below both the 100-hour simple moving average and the $1,600 mark. On the upside, the price may encounter resistance close to the trend line or the $1,595 mark. Near the $1,620 mark, there will be the next resistance. The price may move toward the $1,670 resistance if the $1,620 resistance is closed above.
The next significant obstacle is located close to $1,720. If the $1,720 mark is reached above, Ethereum may rise toward $1,800.
Another Drop in ETH?
Ethereum may begin a new slump if it is unable to overcome the $1,600 resistance. Near $1,565 is where initial support on the downside is located.
The first crucial pillar is just shy of $1,550. $1,530 is the next important amount. The price may move toward the $1,500 region if the downside breaks through below $1,530. In the aforementioned scenario, the price might even drop in the near future toward the $1,440 mark.
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