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.
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- 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.
— Crypto Talkies – Sentiment Analysis Tool (@crypto_talkies) March 20, 2023
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.
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.
Blur is now destroying your grails.
Punks down over 10 ETH in just one day.
All this wash trading won't be worth it if the token price of Blur keeps falling. The more the Blur price falls, the more people like Machi will need to farm to offset the losses.
Still bullish? pic.twitter.com/0DWUb9HlVu
— HashBastards (@HashBastardsNFT) March 21, 2023
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.