Ethereum price corrected lower against the USD 1,670 resistance against the US dollar. ETH could take a big hit if it breaks the USD 1,600 support.
- Ethereum started a bearish wave from the USD 1,660 resistance.
- The price is trading below $1,640 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to remain above the $1,600 support zone for renewed upside in the near term.
Ethereum price continues to fall
Ethereum price failed to break the USD 1,660 and USD 1,670 resistance levels. As a result, ETH started falling again and, like Bitcoin, traded below the $1,630 support.
The price also fell below the USD 1,620 support. However, the bulls are active around the $1,600 level. A low is formed near USD 1,606 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $1,659 swing high to the $1,606 low.
Ether is now trading below $1,640 and the 100-hour Simple Moving Average. There is also a major bearish trendline forming with resistance near $1,640 on the hourly chart of ETH/USD.
On the upside, the price could encounter resistance near the $1,630 level and the 100-hourly Simple Moving Average. The next resistance is near the $1,640 level and the trendline. The trendline is also close to the 61.8% Fib retracement level of the downward move from the $1,659 swing high to the $1,606 low.
Source: ETHUSD on TradingView.com
The main resistance is now forming around $1,660. A close above the USD 1,660 resistance could send the price towards the USD 1,720 resistance. The next major barrier is near the USD 1,750 level. A close above the USD 1,750 level could send Ethereum further higher towards USD 1,820.
Lose more in ETH?
If Ethereum fails to clear the USD 1,640 resistance, it could trigger another decline. The initial downside support is near the USD 1,600 level.
A downward break below $1,600 could accelerate losses. The next major support is close to USD 1,540, below which the price could even test the USD 1,500 level. The next major support is at USD 1,440.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,600
Major resistance level – $1,640
