Ethereum price climbed above $1,650 but failed to surpass $1,670 against the US Dollar. ETH trimmed gains and now consolidating near the $1,630 zone.
During the increase, there was a break above a key bearish trend line with resistance near $1,628 on the hourly chart of ETH/USD. However, the bears defended the $1,670 resistance. A high was formed near $1,669 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 upward move from the $1,613 swing low to the $1,669 high.
Ether is now trading above $1,630 and the 100-hourly Simple Moving Average. It is also trading near the 61.8% Fib retracement level of the upward move from the $1,613 swing low to the $1,669 high. On the upside, the price might face resistance near the $1,650 level.
The next resistance is near the $1,670 level. A close above the $1,670 resistance might send the price toward the $1,720 resistance. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880 in the coming days.
If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,630 level and the 100-hourly Simple Moving Average.
The first key support is close to $1,620. The next key support is $1,600. A downside break below $1,600 might start another bearish wave. In the stated case, the price could even decline toward the $1,540 level in the near term.
Technical Indicators
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 – $1,670
