The price of Ethereum is currently strengthening against the US dollar after testing the $1,600 region. Near $1,650 and $1,670, ETH is struggling with numerous obstacles.
#ETH is currently testing a critical support area.
If the price breaks below this support, the daily chart of Ethereum will form a bearish H&S pattern, indicating a possible pullback. However, if the price rises above 1964, the bearish structure will become invalid. $ETH pic.twitter.com/VHIG08T7uy
— FIRE DAO (@0xfiredao) May 2, 2023
- The $1,600 support level marked the beginning of Ethereum’s comeback wave.
- The price is currently trading beneath both the 100-hour simple moving average and $1,650.
- 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.
- Unless there is a close above the $1,700 mark, the pair may begin a new climb.
Ethereum Price Faces Key Resistance
The price of Ethereum continued to fall below the $1,650 support level. Like Bitcoin, the price of ETH even surged below $1,620 and tested the $1,600 level.
Near $1,600, a low was created, and most recently, an upward correction in the price began. The levels of $1,620 and $1,630 were moved above. The price increased beyond the 23.6% Fibonacci retracement level of the decline from the swing high of $1,748 to the low of $1,600.
Ethereum Price Faces Key Barrier
Ethereum price started a recovery wave above the $1,180 and $1,190 levels. ETH even managed to climb above the $1,200 resistance zone and the 100 hourly simple moving average, similar to bitcoin.
There was a break above a connecting
— G10G (@G10G17) December 27, 2022
The price of ether remains below $1,650 as well as the 100-hourly SMA. On the hourly chart of ETH/USD, a connecting negative trend line is also developing, with resistance located near $1,665.
The price may encounter resistance near the $1,650 mark and the 100 hourly SMA on the upward side. Near the trend line and the $1,660 price point comes the next obstacle. It is quite near the 50% Fib retracement level of the decline from the swing high of $1,748 to the low of $1,600.
Another Decline in ETH?
Ethereum may begin another slide if it is unable to overcome the $1,665 resistance. Near $1,630 is where initial support on the downside is located.
Fresh decline in $ETH?
If #ethereum fails to rise above the $1,600 resistance, it could start another decline.
— Bonsai (@bonsai_trade) September 5, 2022
The initial critical support is about $1,600. The $1,580 mark represents the next significant level of support. The price may continue to fall toward the $1,540 level if there is a downward break below $1,580. In the short future, any further losses could push the price in the direction of $1,480.