Ethereum price started a downward correction from $1,720. $ETH Further upside requires clearing the $1,670 and $1,700 resistance levels.
- Ethereum has started a downward correction below the $1,620 zone.
- The price is trading below the 100-hour simple moving average at $1,665.
- On the hourly chart, the price has broken below the bullish trend line with support at $1,700. $ETH/USD (data feed via Kraken).
- If the price remains below the $1,680 zone, the decline could continue.
Ethereum price resumes decline
Ethereum price, like Bitcoin, failed to break above the $1,700 zone, extending the decline. $ETH Prices rose at a pace below the $1,680 and $1,665 levels.
On the hourly chart, the price has broken below the bullish trend line with support at $1,700. $ETH/USD. The bears pushed the price below the 38.2% Fib retracement level of the bull market from the swing low of $1,505 to the high of $1,719.
However, the bulls were active around the $1,610 level. Ethereum price is currently trading below the 100 hourly simple moving average at $1,680. If the bulls sustain the action above $1,610, the price could try to move higher.
Immediate resistance is seen near the $1,665 level. The first major resistance level is near the $1,680 level. The next major resistance level is near the $1,710 level. A clear break above the $1,710 resistance could send the price heading towards the $1,750 resistance. A break above the $1,750 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $1,840 resistance zone and even $1,850 in the short term.
Lower price continues in $ETH?
If Ethereum fails to break through the $1,710 resistance level, a fresh decline could begin. The first support on the downside is near the $1,610 level. The first major support is near the $1,585 zone, or the 61.8% fib retracement level of the swing low of $1,505 to the high of $1,719.
A clear move below the $1,585 support could push the price towards the $1,550 support. Any further losses could send the price towards the $1,520 area. The main support could be $1,500.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $1,550
Major Resistance Level – $1,710
