Ethereum price is still struggling below $1,720 against the US dollar. ETH could drop further if it stays below USD 1,700 and USD 1,720.
- Ethereum is slowly moving up from the $1,620 support zone.
- The price is trading below $1,700 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,720 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could struggle to recover above the $1,700 and $1,720 resistance levels.
Ethereum price faces a tough task
Ethereum price remained in a bearish zone below the USD 1,720 resistance. ETH extended its decline below the USD 1,660 level, similar to Bitcoin.
There was a spike below the $1,630 support. The price tested the $1,620 zone. A low is forming near USD 1,620 and the price is now attempting a recovery wave. There was a move above the $1,640 and $1,650 levels. The bulls pushed the price towards the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,620 low.
Ether is still trading below $1,700 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,720 on the ETH/USD hourly chart.
Immediate resistance is near the $1,700 level or the 100-hour Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $1,748 swing high to the $1,620 low. The next major resistance is near the $1,720 level and trendline.
Source: ETHUSD at TradingView.com
A good move above the $1,700 and $1,720 resistance levels could spark a steady recovery wave. The next resistance is near $1,775, above which Ethereum could rise towards the $1,820 level. More gains above the $1,820 resistance zone could push the price towards the $1,850 resistance.
New Decline in ETH?
If Ethereum fails to clear the $1,700 resistance, it could start a fresh decline. The first support on the downside is near the $1,640 level.
The next major support is near the $1,620 level. If there is a break and breaks below the $1,620 support, the price could plunge towards the $1,550 support. Even more losses might send the price towards the $1,500 zone.
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 above the 50 level.
Major Support Level – $1,620
Major resistance level – $1,700