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Ethereum price failed to recover above $1,820 and dropped below $1,650. ETH is now consolidating losses and might face resistance near the $1,675 zone.
- Ethereum failed to stay above the $1,650 and $1,620 levels.
- The price is trading below $1,650 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at risk of more losses below the $1,550 support zone.
Ethereum Price Dips Further
Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH declined heavily below the $1,750 and $1,700 levels.
There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD. The bears even pushed the price below the $1,600 level. A low was formed at $1,537 and the price recently corrected some losses.
There was a move above the $1,580 level. The price tested the 23.6% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. However, the bears are active near the $1,600 zone. The price is now consolidating and facing many hurdles.
Ethereum price is now trading below $1,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level.
The next key resistance is near the $1,675 level or the 50% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. The first major resistance is near the $1,710 level. A clear move above the $1,710 resistance might send the price toward the $1,820 resistance.
An upside break above the $1,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,550 level. The first major support sits near the $1,535 zone.
A clear move below the $1,535 support might push the price toward the $1,420 support. Any more losses might send the price toward the $1,400 support level in the near term. The next key support sits at $1,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,550
Major Resistance Level – $1,600
