Ethereum price is facing many hurdles below the USD 1,700 resistance against the US dollar. ETH could extend its decline below the USD 1,580 and USD 1,550 levels.
- Ethereum is still struggling to recover above the USD 1,700 and USD 1,720 levels.
- The price is trading below $1,680 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,665 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop again if it breaks the USD 1,580 support in the near term.
Ethereum price faces a tough task
Ethereum price failed to climb above the USD 1,700 resistance zone. ETH started a fresh decline below the USD 1,650 and USD 1,620 levels, similar to Bitcoin.
The price even spiked below the USD 1,600 support and tested USD 1,580. A low was formed around USD 1,580 and the price is now attempting a fresh recovery. There was a move above the USD 1,600 level. The price is now testing the 50% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low.
Ether also trades below $1,680 and the 100-hour Simple Moving Average. In addition, a major bearish trendline with resistance is forming near $1,665 on the ETH/USD hourly chart.
On the upside, the price could encounter resistance near the USD 1,650 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low. The next resistance is near $1,665 or the 100-hour Simple Moving Average or the trendline.
Source: ETHUSD at TradingView.com
The main barrier is still near the $1,700 zone. A close above the USD 1,700 level could spark a decent rise in the near term. The next major resistance is near the USD 1,750 level. Any further gains could push the price towards the USD 1,820 resistance.
Another drop in ETH?
If Ethereum fails to clear the USD 1,665 resistance, it could spark another decline. The initial downside support is near the USD 1,600 level.
The first major support is near the $1,580 zone. If there is a downside break below USD 1,580, there could be more losses. The next major support is near the USD 1,550 support level. Any further losses could send the price towards the USD 1,520 level or even a new low below USD 1,500.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,580
Major resistance level – $1,665