Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670.

• Ethereum started a recovery wave from the $1,600 support level.
• The price is trading below $1,650 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase unless there is a close above the $1,700 level.

Ethereum Price Faces Key Resistance

Ethereum’s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like Bitcoin.

A low was formed near $1,600 and the price recently started an upside correction. There was a move …