Ethereum price is facing many hurdles below the $1,700 resistance against the US Dollar. ETH could extend its decline below the $1,580 and $1,550 levels.
- Ethereum is still 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.
- There is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another decline if it breaks the $1,580 support in the near term.
Ethereum Price Faces Uphill Task
Ethereum’s price failed to climb above the $1,700 resistance zone. ETH started a fresh decline below the $1,650 and $1,620 levels, similar to Bitcoin.
The price even spiked below the $1,600 support and tested $1,580. A low was formed near $1,580 and the price is now attempting a fresh recovery. There was a move above the $1,600 level. The price is now testing the 50% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low.
Ether is also trading below $1,680 and the 100-hourly Simple Moving Average. Besides, there is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the $1,650 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low. The next resistance is near $1,665 or the 100-hourly Simple Moving Average or the trend line.
Source: ETHUSD on TradingView.com
The main barrier is still near the $1,700 zone. A close above the $1,700 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.
Another Drop in ETH?
If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.
The first major support is near the $1,580 zone. If there is a downside break below $1,580, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 level or even to a new low below $1,500.
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 – $1,580
Major Resistance Level – $1,665
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.newsbtc.com/analysis/eth/ethereum-price-grinds-lower-1550/
- :is
- 1
- 50
- 500
- 700
- a
- above
- against
- also
- and
- Another
- any
- AS
- attempting
- average
- barrier
- BE
- bearish
- Bears
- below
- besides
- Break
- breaks
- Chart
- clear
- climb
- Close
- could
- data
- decent
- Decline
- Dollar
- downside
- downward
- Drop
- ETH
- ETH/USD
- ethereum
- Ethereum Price
- Even
- extend
- Face
- faces
- facing
- Failed
- fails
- First
- For
- formed
- fresh
- from
- Gains
- High
- HTTPS
- Hurdles
- if
- in
- Increase
- initial
- IT
- ITS
- Kraken
- Level
- levels
- Line
- losing
- losses
- Low
- lower
- MACD
- Main
- major
- many
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- New
- NewsBTC
- next
- now
- of
- on
- or
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- Recover
- recovery
- Resistance
- retracement
- rsi
- send
- similar
- Simple
- start
- started
- Still
- Struggling
- support
- support level
- Swing
- Target
- term
- tested
- Testing
- The
- There.
- to
- toward
- Trading
- TradingView
- Trend
- Upside
- us
- US Dollar
- via
- was
- with
- zephyrnet