Ethereum bears hold, ETH could drop below $1,600.
Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670.
Ethereum started a recovery wave from the $1,600 support level.
The price is trading below $1,650 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close above the $1,700 level.
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Ethereum bears hold, ETH could drop below $1,600. Ethereum Price Faces Key Resistance
The price of Ethereum has experienced a decline below the support zone of $1,650. It even went below $1,620 and tested the $1,600 handle, similar to Bitcoin's situation. However, it has recently started an upward correction and climbed above the 23.6% Fib retracement level. Despite this, Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Resistance levels are forming near $1,650 and $1,665, with the next resistance level close to the 50% Fib retracement level. Ethereum bears hold, ETH could drop below $1,600.
If Ethereum manages to close above the $1,665 level, it could potentially reach the $1,700 zone. However, in order to initiate a new upward trend, it needs to settle above the $1,700 pivot level. The next resistance level could be around $1,750, and any further gains may push the price towards the $1,800 resistance level.
Another Decline in ETH?
In the event that Ethereum is unable to surpass the resistance at $1,665, it may experience a further decline. The initial support on the downside is in the vicinity of $1,630. The first significant support is located near $1,600, followed by a major support level at around $1,580. If the price falls below $1,580, it could extend its decline towards $1,540. In the near future, any additional losses may push the price towards the $1,480 level.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,665
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.