Ethereum Price Consolidates Below $1,700
Ethereum is currently struggling to recover above the $1,700 and $1,720 levels. The price is trading below $1,700 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a key bearish trend line forming with resistance near $1,680. If Ethereum stays below the $1,700 level in the near term, it could start another decline.
Main Breakdowns:
- Ethereum’s price started a recovery wave from the $1,520 zone.
- The price is struggling to recover above the $1,700 and $1,720 levels.
- Ethereum is trading below the 23.6% Fib retracement level and the 100-hourly Simple Moving Average.
- A key bearish trend line is forming with resistance near $1,680.
- The next major resistance is near the $1,690 or the 100-hourly Simple Moving Average.
Another Drop in ETH?
If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,620 level or the 50% Fib retracement level. The first major support is near the $1,600 zone. If there is a downside break below $1,600, there could be more losses. The next major support is near the $1,565 support level. Technical indicators, such as the MACD and RSI, suggest a bearish momentum for Ethereum.
Hot Take:
Ethereum’s struggle to recover above $1,700 is a concerning sign for the cryptocurrency. If it fails to clear the resistance level, it could experience further losses. The next major support levels to watch are $1,600 and $1,565. It remains to be seen whether Ethereum can break through the resistance and start a decent increase in the near term.
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