The price of Ethereum (ETH) is facing difficulties in surpassing the $1,700 resistance level against the US Dollar. Despite this, there is evidence of Ethereum whales accumulating the cryptocurrency, while the $1,620 support level is seen as crucial.
Currently, Ethereum is struggling to break above the $1,680 and $1,700 levels. It is trading below the $1,670 mark and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $1,665, indicating potential obstacles for a price increase.
Although Ethereum experienced a short-term upside correction above $1,650, it faced resistance near $1,700, similar to Bitcoin. The price is now trading below $1,670 and the 100-hourly Simple Moving Average, which suggests a potential downward movement.
On the upside, Ethereum may encounter resistance at the $1,670 level and the trend line zone. Breaking above the $1,700 level is crucial for a significant recovery, with the next major resistance at around $1,780. If Ethereum continues to gain momentum, it could reach the $1,820 and $1,920 resistance levels.
However, if Ethereum fails to clear the $1,700 resistance, it may continue to decline. The initial support lies at around $1,640, followed by the $1,620 zone, which represents a 61.8% Fibonacci retracement level. Further support can be expected near $1,600, $1,520, and possibly down to $1,440 or even $1,320.
Despite the current struggles, the accumulation by Ethereum whales indicates the potential for a recovery in the future.
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