Published on August 21, 2023 04:29 GMT+00:00edited on August 21, 2023 04:34 GMT+00:00

Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA.

• Ethereum is struggling to recover above the $1,690 and $1,700 levels.
• The price is trading below $1,700 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could resume its decline if it stays below the $1,700 level in the near term.

Ethereum Price Faces Hurdles

Ethereum’s price declined heavily below the $1,700 level. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin.

There was a move above the $1,550 and $1,600 levels. The price climbed …