Ethereum price is struggling to stay above the $1,620 support against the US dollar. ETH must clear the $1,665 hurdle to start a fresh increase.
- Ethereum trimmed all gains and now trading near the $1,630 level.
- The price is trading below $1,660 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.
Ethereum Price Holds Support
Ethereum managed to recover and stay above the $1,620 pivot level. Yesterday, we discussed a bearish reaction in ETH below the $1,650 level, like Bitcoin.
A swing low was formed near $1,585 before the price recovered above $1,620. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $1,742 swing high to the $1,585 low. It seems like the bears are active below the $1,650 level.
Another Drop in ETH?
If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level. The next key support is $1,620.Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,620 Major Resistance Level – $1,665