Ethereum Price Faces Another Rejection – Can Bulls Save The Day?

2023-09-19 05:09:10

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.

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.

Source: ETHUSD on TradingView.com

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.

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.

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

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