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.
- Ethereum struggled to clear the $1,670 resistance.
- The price is trading above $1,630 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $1,628 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $1,620 support zone to start a fresh increase in the short term.
Ethereum Price Revisits Support
Ethereum’s price started a decent increase above the $1,620 resistance. ETH even climbed above the $1,650 resistance before the bears appeared, like Bitcoin.
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.More Losses in ETH?
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.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