Ethereum Price Trims Gains, Potential for More Losses
The price of Ethereum has undergone a fresh decline, dropping below the $1,700 level and the 100-hourly Simple Moving Average. If there is a close below the $1,630 support, the decline could extend further. Here are the key points:
- Ethereum failed to settle above the $1,700 level, leading to a fresh decline.
- The price tested the $1,630 support and is currently consolidating losses.
- A bearish trend line is forming with resistance near $1,690 on the hourly chart.
- The price may face resistance near the $1,660 level and the 23.6% Fib retracement level.
- A close above $1,700 could send the price toward the $1,750 zone.
If Ethereum fails to clear the $1,700 resistance, it could continue to move down. The first key support is near $1,630, followed by the $1,600 level. Technical indicators show a bearish trend, with the MACD and RSI in the bearish zone.
Hot Take: Ethereum is facing resistance and may see further losses if it fails to break above $1,700. Traders should closely monitor the support levels and the overall market trend to make informed decisions.
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