Ethereum price failed to regain USD 1,750 and trimmed all gains against the US Dollar. ETH could accelerate lower if it breaks the USD 1,630 support.
- Ethereum started a fresh decline below the USD 1,700 level.
- The price is trading below $1,700 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,690 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue its decline if it closes below the $1,630 support.
Ethereum Price Reduced Profits
Ethereum price failed to climb above the USD 1,700 level. ETH started a fresh decline and gained bearish momentum below the USD 1,700 level, as did Bitcoin.
There was a clear move below the USD 1,665 level and the price spiked below the USD 1,640 level. It tested the USD 1,630 support and it is currently consolidating losses. Ether is now trading below $1,700 and the 100-hour Simple Moving Average.
In addition, a major bearish trendline is forming with resistance near $1,690 on the ETH/USD hourly chart. On the upside, the price could face resistance near the $1,660 level and the 23.6% Fib retracement level from the recent drop from the $1,747 swing high to the $1,630 low.
The next resistance is near the USD 1,680 level. The main resistance is now forming near the trendline and USD 1,700. It is close to the 50% Fib retracement level of the recent drop from the $1,747 swing high to the $1,630 low.
Source: ETHUSD at TradingView.com
A close above the USD 1,700 level could push the price towards the USD 1,750 zone. If there is a clear move above USD 1,750, Ethereum could climb towards the USD 1,800 resistance. Any further gains could push the price towards the USD 1,850 resistance.
Lose more in ETH?
If Ethereum fails to clear the USD 1,700 resistance, it could continue to decline. The initial downside support is near the USD 1,640 level.
The first major support is close to USD 1,630. The next major support is near the USD 1,600 level. If there is a downside break below USD 1,600, the price could extend its decline towards the USD 1,540 level. Any further losses could send the price towards the USD 1,480 level in the near term.
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 – $1,630
Major resistance level – $1,700
