Ethereum Price Faces Uphill Task
Ethereum is currently struggling to recover above the $1,700 and $1,720 levels. The price is trading below $1,680 and the 100-hourly Simple Moving Average, indicating a bearish trend. A major bearish trend line is also forming with resistance near $1,665 on the hourly chart of ETH/USD. If the price breaks the $1,580 support, it could result in another decline.
Main Breakdowns:
- Ethereum’s price failed to climb above the $1,700 resistance zone.
- The price is trading below $1,680 and the 100-hourly Simple Moving Average.
- A major bearish trend line is forming with resistance near $1,665.
- The price might face resistance near the $1,650 level.
- A close above the $1,700 level could start a decent increase.
Another Drop in ETH?
If Ethereum fails to clear the $1,665 resistance, it could experience another decline. The initial support on the downside is near the $1,600 level, with the first major support at $1,580. A downside break below $1,580 could lead to more losses, with the next major support near the $1,550 level. Technical indicators suggest a bearish momentum, with the MACD losing momentum in the bearish zone and the RSI below the 50 level.
Hot Take: Ethereum’s struggle to recover above key resistance levels highlights the bearish trend in the market. The inability to break through these levels could result in another decline, with support levels at $1,600 and $1,580. It will be crucial to monitor whether the price can break above the resistance and sustain a decent increase in the near term.
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