Ethereum price failed to reclaim $1,750 and trimmed all gains against the US Dollar. ETH could accelerate lower if it breaks the $1,630 support.
Ethereum started a fresh decline below the $1,700 level.
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 $1,690 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline if there is a close below the $1,630 support.
Ethereum’s price failed to settle above the $1,700 level. ETH started a fresh decline and gained bearish momentum below the $1,700 level, like Bitcoin.
There was a clear move below the $1,665 level and the price spiked below the $1,640 level. It tested the $1,630 support and is currently consolidating losses. Ether is now trading below $1,700 and the 100-hourly Simple Moving Average.
Besides, there is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,660 level and the 23.6% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.
The next resistance is near the $1,680 level. The main resistance is now forming near the trend line and $1,700. It is close to the 50% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.
Source: ETHUSD on TradingView.com
A close above the $1,700 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could climb toward the $1,800 resistance. Any more gains might send the price toward the $1,850 resistance.
If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.
The first key support is close to $1,630. The next major support is near the $1,600 level. If there is a downside break below $1,600, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 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 – $1,630
Major Resistance Level – $1,700
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
