Ethereum faces difficulties clearing the $1,650 resistance level against the US dollar. ETH is still at risk for more downgrades under the $1,500 support.
- Ethereum failed to overcome the $1,650 resistance.
- The 100-hourly simple moving average and price are both below $1630.
- The hourly chart for ETH/USD shows a rising channel with support close to $1,605
- A clear move below $1,545 could cause the pair to continue its downward movement.
The Ethereum price turns red
Ethereum experienced a minor correction above the $1520 support area. ETH climbed higher than the $1,550- and $1,600 levels.
It even rose above $1,640 as well as the 100 hourly simple moving mean. A break occurred above the 23.6% Fib Retracement level, which is the critical decline of $1,880 from its high at $1,524 and low at $1,524, respectively. But, bears were still active above $1,650.
Above the $1,680 mark there was no upward continuation. The Ether price currently trades below $1,630 as well as the 100-hourly simple moving average. It also tested the $1,600 support level.
On the hourly chart of Ethereum/USD, there’s a rising channel with support close to $1,605. Near the $1,630 mark is an immediate resistance to the upside. Now, the nearest major resistance to the upside is at $1,650.
Source: TradingView.com, ETHUSD
Clear moves above $1,650 could push the price toward the $1700 resistance level. The price is close to the 50% Fib Retracement level, which marks the end of the significant decline from $1,880 swing low to $1,524 high. It is now near $1,740, the nearest major resistance. Above that, the price may rise to test the $11,800 resistance.
The Latest Drop in ETH
It could move lower if it fails to climb above $1,650 resistance. Initial support for the downside lies near the channel trend line and in the $1,600 area.
Below that, the price could accelerate downwards. If the previous scenario is true, then the price might fall to the $1,500 mark. A move to the $1,450 mark could be possible if there are more losses.
Technical indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,545
Major Resistance Level – $1,650
