Ethereum Correcting Gains, Trading Below $1,700
Ethereum has seen a correction in its price after reaching a high of $1,755. The cryptocurrency is currently trading below $1,700 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a break below a connecting bullish trend line with support near $1,690. However, Ethereum is still above the 61.8% Fib retracement level of its upward move from the $1,583 swing low to the $1,755 high. Resistance levels for Ethereum include $1,670 and the 100-hourly Simple Moving Average.
Possible Further Losses for Ethereum
If Ethereum fails to surpass the $1,700 resistance level, it may continue to decline. Initial support lies near the $1,650 level, followed by key support at $1,620. A break below this support could trigger a strong bearish wave and potentially lead to a drop towards $1,580 or even $1,550.
Technical Indicators
The MACD indicator for ETH/USD is currently in the bearish zone and losing momentum. The RSI indicator is also below the 50 level.
Hot Take: Ethereum’s Correction Continues
Ethereum’s price has undergone a correction after reaching a high of $1,755. It is currently trading below $1,700 and facing resistance levels at $1,670 and the 100-hourly Simple Moving Average. If it fails to surpass the $1,700 resistance, further losses may occur with support levels at $1,650 and $1,620. Technical indicators suggest bearish momentum with the MACD in the bearish zone and the RSI below 50. The next major resistance is at $1,700, and a clear move above this level could set the stage for a fresh increase.
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