Ethereum loses steam as the price of the crypto coin broke over the $1,700 barrier level against the US dollar, but then failed to maintain a price over the $1,700 mark and is presently battling to move higher.
Ethereum was able to rise, albeit slowly, above $1,650 and $1,700.
The price is currently trading over $1,655 as well as the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a significant ascending channel with support at $1,670 is building.
If the pair continues above the $1,655 support level, it is likely to gain further. But at the moment is looks as though Ethereum loses steam.
ETH Tops Near $1,700
Ethereum began an upward retracement after breaking through the $1,650 barrier. ETH broke through resistance levels of $1,660 and $1,675 to enter the short-term bullish zone.
A rise above $1,700 occurred, as did a closing above the 100 hourly simple moving average. Ether has already climbed a few points over the 50% Fib retracement line of the pivotal drop from the $1,880 swing high to the $1,525 low.
However, the bulls were unable to maintain their position above the $1,700 resistance level. It is presently trading below $1,680. On the hourly chart of ETH/USD, a critical rising channel is forming with support at $1,670.
On the upside, an immediate barrier is $1,700. The first significant barrier is presently emerging at $1,720. The next significant barrier is located at the $1,745 level. It is close, very close to the 61.8% Fibonacci retracement of the crucial slide from the $1,880 swing high to the $1,525 low.
A strong break over $1,745 might push the price towards the $1,800 barrier level. Any more increases may pave the way for a challenge of the $1,850 resistance.
A New Decline?
If Ethereum fails to break over the $1,720 resistance, it may begin a new drop. On the downside, initial support is at the $1,670 zone and the channel trend line.
Below $1,655, where the 100 hourly simple moving average is located, the price of ether may drop quickly. This is the next key support. In the aforementioned case, the price may drop to $1,600. Any more losses might drive the price down to $1,550.
The price of ETH is currently trading at $1,66.72 with a small but noticeable downtrend that continues the 24-hour trend of price falling. In the last 24 hours, the price was down by 2.3%.
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