Ethereum Price Looks Ready For Another Leg Lower Below $1,620

2023-08-28 05:17:50

Ethereum price is struggling to clear the $1,670 resistance against the US Dollar. ETH could start another decline if it breaks the $1,640 support.

Ethereum is struggling to rise above the $1,660 and $1,670 levels.
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 another decline if it stays below $1,670 for a few more sessions.

Ethereum Price Turns At Risk

Ethereum’s price started a recovery wave above the $1,640 level. However, ETH price seems to be struggling to rise above the $1,660 and $1,670 levels, like Bitcoin.

It is now showing bearish signs below the $1,670 level but also holding the 50% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high. Ether is also trading below $1,660 and the 100-hourly Simple Moving Average.

Besides, there is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. If the price stays above the $1,640 support zone, the bulls could attempt a fresh increase.

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,660 level and the trend line zone. The next resistance is near the $1,670 level. A close above the $1,670 level might send the price toward the $1,700 pivot zone. The next major resistance is near the $1,720 level, above which the price could rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,670 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high.

The next key support is close to $1,580. If there is a downside break below $1,580, the price could accelerate lower toward the $1,500 level. Any more losses might send the price toward the $1,440 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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