Ethereum price is still struggling to gain pace above $1,670 and $1,680 against the US Dollar. ETH must stay above $1,620 to start another increase.
- Ethereum struggled to clear the $1,660 resistance.
- The price is trading above $1,635 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $1,620 support zone to start another increase in the short term.
Ethereum Price Faces Key Hurdle
Ethereum’s price remained well-supported above the $1,620 zone. ETH again climbed above the $1,650 resistance but struggled to clear $1,660, unlike Bitcoin.
The price made two attempts to gain strength above $1,660 but failed. A high was formed near $1,660 and the price started a downside correction. There was a move below the $1,650 level. The price declined below the 50% Fib retracement level of the recent increase from the $1,627 swing low to the $1,660 high.Downside Break in ETH?
If Ethereum fails to clear the $1,660 resistance, it could start another decline. Initial support on the downside is near the $1,635 level and the 100-hourly Simple Moving Average.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,620 Major Resistance Level – $1,660