- Ethereum struggles to recover from $1,650 and break the $1,670 resistance.
- ETH’s current price is $1,620, a 1.5% decrease in the last 24 hours and 3% over the week.
Ethereum Nears $1,650 Resistance. Time to Long or Short? The technical environment of Ethereum provides several challenges amid erratic investor mood, including probable trend reversals and crucial resistance-support tests. Recently, the cryptocurrency attempted to rebound from the $1,690 area and crossed the $1,720 barrier level. But just like Bitcoin, its increasing speed encountered constraints.
Ethereum (ETH) Experiences Sharp Decline
Ethereum struggled to build momentum past the $1,670 resistance level, which led to a peak of around $1,648 and a subsequent decline. Following a brief flirtation with the $1,600 level earlier, the price fell below the $1,620 support level. At $1,610, it eventually found support, and now it is consolidating these losses.
Ethereum is trading below the 100-hourly Simple Moving Average and the $1,650. On the hourly chart of ETH/USD, a significant bearish trend line is developing with resistance at roughly $1,630.
Ethereum Nears $1,650 Resistance. If the current trend continues, Ethereum’s price might drop to $1,608 or perhaps to $1,521 if it continues to decline. Ethereum has to gain over $1,650 and $1,750 to start a long-lasting recovery. If a bullish trend develops, ETH increase to $1,975, and additional gains may pave the way for a climb toward $2,095. Ethereum, on the other hand, is currently in an oversold state with a reading of 49.43, which suggests a potential comeback or correction.
At the time of writing, Ethereum is trading at $1,620, down 1.5% from the previous day and 3% from the last week. Nevertheless, some good news: Ethereum’s daily trading volume increased by a modest 14% to $5.1 billion in the past day.
On the Ethereum blockchain, transaction costs have lately dropped significantly. According to on-chain analytics company Sentiment, gas prices have decreased to levels that haven’t been seen in almost a year. Over the previous week, transactions were settled on average for just $1.13. This is a considerable decrease compared to the peak fees seen earlier in May.