NewsBTC9 minutes ago

Published on October 05, 2023 04:38 GMT+00:00edited on October 05, 2023 04:44 GMT+00:00

Ethereum price is struggling to stay above the $1,620 support against the US dollar. ETH must clear the $1,665 hurdle to start a fresh increase.

• Ethereum trimmed all gains and now trading near the $1,630 level.
• The price is trading below $1,660 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.

Ethereum Price Holds Support

Ethereum managed to recover and stay above the $1,620 pivot level. Yesterday, we discussed a bearish reaction in ETH below the $1,650 level, like Bitcoin.

A swing low was formed near $1,585 before the price recovered above $1,620. It is now …