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.

  • 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.

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.

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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.

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.


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