Ethereum Price Lacks Momentum Above $1,660, ETH Holders Are Safe: Here’s Why

Ethereum worth continues to be struggling to realize tempo above $1,670 and $1,680 in opposition to the US Greenback. ETH should keep above $1,620 to begin one other improve.

• Ethereum struggled to clear the $1,660 resistance.
• The worth is buying and selling above $1,635 and the 100-hourly Easy Shifting Common.
• There’s a key contracting triangle forming with resistance close to $1,650 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair should keep above the $1,620 assist zone to begin one other improve within the quick time period.

Ethereum Value Faces Key Hurdle

Ethereum’s worth remained well-supported above the $1,620 zone. ETH once more climbed above the $1,650 resistance however struggled to clear $1,660, not like Bitcoin.

The worth made two makes an attempt to realize power above $1,660 however failed. A excessive was shaped close to $1,660 and the value began a draw back correction. There was a transfer beneath the $1,650 degree. The worth declined beneath the 50% Fib retracement degree of the current improve from the $1,627 swing low to the $1,660 excessive.

Ether is now buying and selling above $1,635 and the 100-hourly Easy Shifting Common. Additionally it is holding the 76.4% Fib retracement degree of the current improve from the $1,627 swing low to the $1,660 excessive.

On the upside, the value would possibly face resistance close to the $1,650 degree. There’s additionally a key contracting triangle forming with resistance close to $1,650 on the hourly chart of ETH/USD. The subsequent resistance is close to the $1,660 degree. The primary resistance is now forming close to $1,670.

Supply: ETHUSD on TradingView.com

An in depth above the $1,670 resistance would possibly ship the value towards the $1,750 resistance. The subsequent main hurdle is close to the $1,820 degree. An in depth above the $1,820 degree would possibly ship Ethereum additional greater towards $1,950 within the coming days.

Draw back Break in ETH?

If Ethereum fails to clear the $1,660 resistance, it might begin one other decline. Preliminary assist on the draw back is close to the $1,635 degree and the 100-hourly Easy Shifting Common.

The primary key assist is near $1,620. The subsequent key assist is $1,600. A transparent transfer beneath $1,600 would possibly improve promoting stress. Within the said case, the value might even decline towards the $1,540 degree within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 degree.

Main Assist Degree – $1,620

Main Resistance Degree – $1,660