Ethereum Bulls Put Up Fight But Can They Clear This Major Hurdle?
Ethereum price is attempting a recovery wave above $1,650 against the US Dollar. ETH must clear $1,660 and $1,700 to start a steady increase.
Ethereum is struggling to rise above the $1,660 and $1,670 levels.
The price is trading near $1,650 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it clears $1,660 and then $1,700.
Ethereum Price Lacks Momentum
Ethereum’s price managed to settle above the $1,640 level. It seems like ETH is attempting a recovery wave above the $1,650 resistance zone, like Bitcoin.
Recently, there was a break above a connecting bearish trend line with resistance near $1,650 on the hourly chart of ETH/USD. However, the bulls are facing resistance near $1,660 or the 50% Fib retracement level of the downward move from the $1,698 swing high to the $1,621 low.
Ether is now trading near $1,650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,660 level. The next resistance is near the $1,670 level or the 61.8% Fib retracement level of the downward move from the $1,698 swing high to the $1,621 low.
Source: ETHUSD on TradingView.com
A close above the $1,670 level might send the price toward the $1,700 pivot zone. To start a decent increase, Ethereum must settle above the $1,700 level. In the stated case, the price might rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.
Another Decline in ETH?
If Ethereum fails to clear the $1,660 resistance, it could start another decline. Initial support on the downside is near the $1,640 level.
The next key support is close to $1,620. If there is a downside break below $1,620, the price could accelerate lower toward the $1,5800 level. Any more losses might send the price toward the $1,540 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,640
Major Resistance Level – $1,660
Filed under: Bitcoin - @ August 29, 2023 4:47 am