Ethereum price is struggling to recover above the $1,700 resistance against the US Dollar. ETH could start a fresh decline if it stays below $1,700 and $1,720.
- Ethereum is 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.
- There is a key bearish trend line forming with resistance near $1,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another decline if it stays below the $1,700 level in the near term.
Ethereum Price Consolidates Below $1,700
Ethereum’s price started a recovery wave from the $1,520 zone. ETH managed to recover above the $1,550 and $1,580 levels, similar to Bitcoin.
However, the price is struggling to recover above the $1,700 and $1,720 levels. It is now moving lower and trading below the 23.6% Fib retracement level of the recovery wave from the $1,517 swing low to the $1,716 high. There is also a key bearish trend line forming with resistance near $1,680 on the hourly chart of ETH/USD.
Ether is now trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,680 level and the trend line.
Source: ETHUSD on TradingView.com
The next resistance is near $1,690 or the 100-hourly Simple Moving Average. The first major resistance is forming near $1,700 and $1,720. A close above the $1,720 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. Any more gains might send the price toward the $1,820 resistance or even $1,880 in the coming days.
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 of the recovery wave from the $1,517 swing low to the $1,716 high.
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. Any more losses might send the price toward the $1,520 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,700
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Author: Aayush Jindal
