Ethereum price is slowly moving lower toward the $1,600 support against the US dollar. ETH remains at risk of more losses unless it clears $1,650 and $1,665.

• Ethereum is struggling to stay above the $1,600 support zone.
• The price is trading below $1,640 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support near $1,620 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 made another attempt to gain strength above the $1,650 resistance. ETH failed to settle above the $1,650 level, struggled to clear $1,665, and underperformed vs Bitcoin.

A high was formed near $1,664 before the price saw a fresh …