“The Ethereum price is gradually edging lower, approaching the critical support level of $1,600 against the US dollar. The fate of ETH hangs in the balance, contingent on its ability to surmount the hurdles at $1,650 and $1,665.
https://coinstats.app/coins/ethereum/
Ethereum grapples to maintain its foothold above the pivotal $1,600 support zone. The price currently hovers beneath $1,640, with the 100-hourly Simple Moving Average exerting downward pressure.
Meanwhile, an auspicious development unfolds on the hourly chart of ETH/USD (data feed via Kraken) – a connecting bullish trend line emerges, providing support in the vicinity of $1,620. This development hints at the potential for a fresh upswing, contingent on the clearance of resistance at $1,650 and $1,665.
The saga of Ethereum’s price continues as it makes a valiant effort to conquer the formidable $1,650 resistance. However, ETH’s endeavor proves insufficient, as it grapples to solidify its position above $1,650 and to surmount the $1,665 barrier, all while trailing behind Bitcoin’s performance.
The price witnessed a zenith around $1,664 before embarking on a fresh descent. It retraced to test the $1,620 support threshold, forming a nadir around $1,617. Nevertheless, an upward surge is afoot as it tentatively ascends, having breached the $1,625 mark.
Presently, Ethereum finds itself beneath both the $1,640 threshold and the 100-hourly Simple Moving Average. Concurrently, a sanguine trend emerges – a bullish trend line materializes, aligning with support at approximately $1,620 on the hourly chart of ETH/USD.
On the upside, the price may encounter resistance around the $1,640 mark, or potentially at the 100-hourly Simple Moving Average. In proximity lies the 50% Fibonacci retracement level, measured from the recent plunge originating at the pinnacle of $1,664 down to the nadir of $1,617.
Further along the path, the $1,650 level beckons, or perhaps the 76.4% Fibonacci retracement level, corresponding to the recent downturn from the zenith of $1,664 to the nadir of $1,617. However, the principal hurdle remains ensconced at the $1,665 level. A triumphant breach of this threshold may chart a course towards the pivotal resistance at $1,750.
The potential for Ethereum to plummet looms large, should it falter in overcoming the $1,665 obstacle. Initial support lies in close proximity, at approximately the $1,620 level, followed by the critical juncture at $1,600.
Should Ethereum’s fortunes take a more somber turn, the inaugural line of defense materializes around $1,585. A breach below this bastion may sound the clarion call for a substantial decline. In such a scenario, the price could retrace its steps toward the $1,540 echelon. Any further setbacks may usher Ether towards the $1,500 threshold.”
