Ethereum Price Faces Fresh Decline
Ethereum’s price recently attempted to rise above the $1,620 level, but it encountered resistance near $1,670 and started a new decline. The price is currently trading below $1,650 and the 100-hourly Simple Moving Average, indicating bearish momentum.
The hourly chart of ETH/USD shows the formation of a key bearish trend line with resistance near $1,620. This trend line aligns with the 23.6% Fibonacci retracement level of the downward move from the $1,669 swing high to the $1,600 low. Therefore, if the price closes below $1,600 and $1,580, it could gain further bearish momentum.
On the other hand, if Ethereum manages to break above the $1,620 resistance, it could face hurdles near the $1,635 level and the 50% Fibonacci retracement level. The first major resistance is at $1,650, followed by the $1,670 level.
The next major support on the downside is near $1,600, and a break below this level could lead to a decline towards $1,540. If the price continues to drop, the $1,450 support level may come into play.
Technical Indicators
The MACD for ETH/USD is slowly gaining momentum in the bearish zone, while the RSI is now below the 50 level.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Faces Resistance Near $1,620
Ethereum’s attempt to rise above the $1,620 level was met with resistance, causing the price to decline. The current trend suggests a bearish momentum, with the price trading below key levels and forming a bearish trend line. If the price fails to break above $1,620, a further decline is expected.
On the other hand, if Ethereum manages to surpass the resistance levels, it could gain bullish momentum and rise towards $1,650 and $1,670. Traders should closely monitor these key levels to determine the future direction of Ethereum’s price.
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