Against the US dollar, the price of Ethereum is having trouble breaking through the $1,670 barrier. If ETH breaches the $1,640 support, another fall could begin.

  • Ethereum is having difficulty moving over the $1,660 and $1,670 price points.
  • The price is trading below both the 100-hour simple moving average and the $1,660 mark.
  • On the hourly chart of ETH/USD (data feed through Kraken), a significant bearish trend line is developing with resistance located close to $1,660.
  • If it continues to trade below $1,670 for a few more sessions, the pair may begin another fall.

Ethereum Price Turns At Risk

Above $1,640, Ethereum’s price started to rise again. Like Bitcoin, the price of ETH appears to be having trouble moving between $1,660 and $1,670.

While maintaining the 50% Fib retracement level of the significant climb from the $1,580 swing low to the $1,698 high, it is currently displaying bearish indications below the $1,670 level. Ether is currently trading below both the 100-hour simple moving average and the $1,660 mark.

On the upside, the price may encounter resistance close to the trend line zone and the $1,660 mark. The next obstacle is located close to the $1,670 mark. The price may move into the $1,700 pivot zone if the $1,670 level is closed above. If the price rises above the $1,720 mark, it may move toward the $1,780 level as the next significant resistance. The price could move toward the $1,850 resistance level with any additional increases.

See also  Bitcoin Price Prediction: BTC Turns Red, Why BTC Could Extend Losses

More Losses in ETH?

Ethereum may continue to decline if the $1,670 resistance is not overcome. Near $1,640 is where initial support on the downside is located. The crucial climb from the $1,580 swing low to the $1,698 high has a 61.8% Fib retracement level in the $1,620 zone, which serves as the first significant support.

Nearly $1,580 is the next important level of support. The price could fall faster toward $1,500 if there is a negative break below $1,580. In the short future, any further losses could push the price in the direction of $1,440.


Leave a Reply