Ethereum Whales Accumulate – Can Price Start Recovery Now?

Ethereum price is struggling to rise above $1,700 against the US Dollar. ETH whales seem to accumulate, and the $1,620 support could be the key.

• Ethereum is struggling to rise above the $1,680 and $1,700 levels.
• The price is trading below $1,670 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 decent increase above the $1,670 and $1,700 resistance levels.

Ethereum’s price started a short-term upside correction above the $1,650 level. ETH even climbed above the $1,670 level but the bears were active near the $1,700 zone, like Bitcoin.

The price traded as high as $1,698 and is currently moving lower. There was a drop below the $1,670 level. The price even tested the 50% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high.

Ether is now trading below $1,670 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,670 level and the trend line zone. The next resistance is near the $1,700 zone. To start a decent recovery wave, the price must settle above the $1,700 zone. The next major resistance is near the $1,780 level, above which the price could rise toward the $1,820 level. Any more gains might send the price toward the $1,920 resistance.

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.

The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high. The next key support is close to $1,600. If there is a downside break below $1,600, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,440 level or even $1,320.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,700