The Ethereum price is encountering difficulties in surpassing the $1,700 mark against the US Dollar. Meanwhile, Ethereum whales are appearing to accumulate, and the crucial support at $1,620 might play a significant role.
The current state of Ethereum’s price involves struggles to breach the $1,680 and $1,700 thresholds.
The price is currently trading below $1,670 and the 100-hourly Simple Moving Average.
An interconnected bearish trend line is taking shape, showcasing resistance around $1,665 on the hourly chart of ETH/USD (data feed provided by Kraken).
There’s a possibility that the pair could initiate a notable uptrend, breaking through the resistance levels at $1,670 and $1,700.
Ethereum Price Maintains its Support
Ethereum’s price initiated a brief corrective rally above the $1,650 mark. It even managed to surpass the $1,670 level, but encountered resistance near the $1,700 region, similar to Bitcoin’s movement.
The price reached a peak of $1,698 and is currently undergoing a downward movement. It slipped below the $1,670 level and even tested the 50% Fibonacci retracement level of the upward movement from the $1,580 low to the $1,698 high. Presently, Ether is trading beneath both the $1,670 level and the 100-hourly Simple Moving Average. Additionally, an interconnected bearish trend line is taking shape, indicating resistance close to $1,665 on the hourly chart of ETH/USD.
Regarding potential upward movement, the price could encounter resistance close to the $1,670 level as well as within the zone defined by the trend line. Subsequently, the next resistance level is situated around the $1,700 threshold. In order to initiate a substantial recovery trend, the price needs to establish a stable position beyond the $1,700 mark. Following this achievement, the subsequent noteworthy resistance point is approximately at the $1,780 level. Surpassing this level could propel the price towards the $1,820 mark. Further upward momentum could potentially elevate the price towards the $1,920 resistance threshold.
Could Ethereum (ETH) Witness Further Losses?
Should Ethereum be unable to surpass the $1,700 resistance, it may extend its downward movement. Initial support to the downside is situated around the $1,640 mark.
The primary support level initially comes into play around the $1,620 region, or alternatively, at the 61.8% Fibonacci retracement level, calculated from the upward movement between the $1,580 bottom and the $1,698 peak. Subsequently, the following critical support threshold hovers near $1,600. Should the price breach the $1,600 mark on the downside, this could lead to further losses. The subsequent significant support level aligns with the $1,520 mark. In the event of additional losses, there is the possibility of the price heading towards the $1,440 level, and potentially even reaching $1,320.