Ethereum price is struggling to clear the $1,670 resistance zone
against the US Dollar. ETH must surpass $1,660 and $1,670 to continue
higher in the near term.
Ethereum is attempting an upside break above the $1,660 resistance.
The price is trading below $1,660 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it clears $1,660 and $1,670 in the near term.
Ethereum Price Faces Resistance
Ethereum has been on a bullish run in recent weeks, with its price remaining well bid above the $1.600 support zone. The digital asset has formed a base above $1,600 and started a recovery wave, similar to bitcoin. This is great news for Ethereum investors as it indicates that the asset is continuing to gain traction and could potentially be headed for higher highs in the near future.
The $1,650 resistance zone has been a major obstacle for the markets, but it looks like there is a light at the end of the tunnel. After weeks of consolidation and testing, there was finally an upside break above this key level. This could be a sign that the markets are ready to move higher in the near future.
Ether price failed to clear the 61.8% Fib retracement level of the
downward wave from the $1,720 swing high to $1,595 low. It is now
trading below $1,660 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,660 level.
There is also a key bearish trend line forming with resistance near
$1,660 on the hourly chart of ETH/USD. The first major resistance is
near the $1,670 zone. The next major resistance is near the $1,720 zone.
The last time Ethereum reached $2,000
was May 2022, but considering the recent surges and current state of
things, we could see ETH at this target again somewhere in mid-2023.