Key Highlights
- Ethereum trimmed most gains and settled below $1,650.
- ETH price is struggling to climb above $1,600 and $1,635 on the 4-hour chart.
- Bitcoin price is reversing gains that occurred after fake news of spot ETF approval.
- Gold price extended its rally and climbed above the $1,950 resistance.
Ethereum Technical Analysis
Ethereum started a fresh decline below the $1,650 support. ETH price tested the $1,500 region and is currently attempting a fresh increase. However, it is facing many hurdles near $1,600.
Looking at the 4-hour chart, the price recovered from $1,515. There was a move above the $1,550 resistance. The price even spiked toward $1,630 along with Bitcoin after fake news of spot ETF approval hit the market.
Ether trimmed all gains and failed to clear the 50% Fib retracement level downward move from the $1,751 swing high to the $1,516 low.
It is now trading below a key bearish trend line with resistance near $1,590. It seems like Ethereum bulls are facing many hurdles near $1,600 and the 100 simple moving average (red, 4 hours). The next major resistance is near $1,630.
A successful close above the $1,630 level might spark a decent increase. In the stated case, the price may perhaps rise toward the $1,660 level. The next stop for the bulls may perhaps be near the $1,750 level.
If not, the price might continue to decline toward the $1,530 level. The next major support is near $1,500, below which the price could slide toward $1,420.
Looking at gold prices, there was a strong increase above the $1,940 and $1,950 resistance levels amid the ongoing Israel-Hamas war.
Economic Releases
- US Initial Jobless Claims – Forecast 212K, versus 209K previous.
- Fed’s Chair Powell speech.
