Ethereum price started a downward correction from $1,720. $ETH must break the resistance levels of $1,670 and $1,700 to continue higher.
- Ethereum has started a downward correction below the $1,620 area.
- The price is trading below $1,665 and the 100 hourly simple moving average.
- There was a break below an uptrend line with support at $1,700 on the hourly chart of $ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $1,680 zone.
The price of Ethereum resumes its decline
Ethereum price failed to stay above the $1,700 zone and extended its decline, like Bitcoin. $ETH the price accelerated to break below the $1,680 and $1,665 levels.
There was a break below an uptrend line with support at $1,700 on the hourly chart of $ETH/USD. The bears pushed the price below the 38.2% Fibonacci retracement level from the $1,505 low to $1,719 high.
However, the bulls were active near the $1,610 level. Ethereum price is now trading below $1,680 and the 100 hourly simple moving average. If bulls remain in action above $1,610, the price could attempt a further rise.
Immediate resistance is seen near the $1,665 level. The first key resistance is near the $1,680 level. The next major resistance is near the $1,710 level. A sharp move above the $1,710 resistance could send the price towards the $1,750 resistance. A bullish break above the $1,750 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $1,840 or even $1,850 in the short term.
Continued decline in $ETH?
If Ethereum fails to clear the $1,710 resistance, it could begin a further decline. Initial support on the downside is near the $1,610 level. The first major support lies near the $1,585 area or the 61.8% Fibonacci retracement level of the upward move from the $1,505 low to $1,719 high.
A sharp move below the $1,585 support could push the price towards the $1,550 support. Any further losses could push the price towards the $1,520 region. The main support could be $1,500.
Technical indicators
Hourly MACD – The MACD for $ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for $ETH/USD is now below the 50 zone.
Major Support Level – $1,550
Major Resistance Level – $1,710
