2023-10-9 07:27 |
Ethereum price is slowly moving lower toward the $1,600 support against the US dollar. ETH remains at risk of more losses unless it clears $1,650 and $1,665.
Ethereum is struggling to stay above the $1,600 support zone. The price is trading below $1,640 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support near $1,620 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 SupportEthereum made another attempt to gain strength above the $1,650 resistance. ETH failed to settle above the $1,650 level, struggled to clear $1,665, and underperformed vs Bitcoin.
A high was formed near $1,664 before the price saw a fresh decline. It retested the $1,620 support. A low has formed near $1,617 and the price is now attempting another recovery wave. There was a minor increase above the $1,625 level.
Ethereum is now trading below $1,640 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,620 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the $1,640 level or the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the recent decline from the $1,664 swing high to the $1,617 low.
The next major resistance is $1,650 or the 76.4% Fib retracement level of the recent decline from the $1,664 swing high to the $1,617 low. The main resistance is still near the $1,665 level. A close above the $1,665 resistance might send the price toward the key resistance at $1,750.
Source: ETHUSD on TradingView.com
To start a decent upward move, Ether must settle above the $1,720 and $1,750 levels. The next key resistance might be $1,850. Any more gains might open the doors for a move toward $1,920.
More Losses in ETH?If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600.
The first major support is now near $1,585. A downside break below the $1,585 support might start another strong decline. In the stated case, the price could revisit the $1,540 level. Any more losses may perhaps send Ether toward the $1,500 level.
Technical Indicators
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 – $1,600
Major Resistance Level – $1,665
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