- Ethereum is slowly rising from the $1,620 support zone.
- The price is trading below $1,700 and the 100-hour Simple Moving Average.
- There is a significant bearish trend line forming with resistance near $1,720 on the ETH/USD hourly chart.
Ethereum price is still struggling below the $1,720 level. If ETH continues to stay below $1,700 and $1,720, it could continue its downward trend.
Ethereum Struggling to Overcome Obstacles
Ethereum’s price remained in the bearish territory below the $1,720 resistance. Similar to Bitcoin, ETH dropped below the $1,660 level.
A decline occurred below the $1,630 support. The price tested the $1,620 region. A low was formed around $1,620, and the price is currently attempting a recovery. It surpassed the $1,640 and $1,650 levels. Bulls pushed the price towards the 50% Fibonacci retracement level of the downward move from the $1,748 high to $1,620 low.
Ethereum is still trading below $1,700 and the 100-hour Simple Moving Average. Additionally, there is a significant bearish trend line near $1,720 on the ETH/USD hourly chart.
Immediate resistance is near the $1,700 level or the 100-hour Simple Moving Average. This level is close to the 61.8% Fibonacci retracement level of the downward move from the $1,748 high to $1,620 low. The next significant resistance is near the $1,720 level and the trend line.
ETH/USD 1 Hour Price Chart
Properly surpassing the $1,700 and $1,720 resistance levels could initiate a stable recovery movement. The next resistance level is around $1,775, and Ethereum could rise to the $1,820 level. Further gains above the $1,820 resistance zone could send the price towards the $1,850 resistance.
Is a New Drop Possible for ETH?
If Ethereum fails to surpass the $1,700 resistance, it could start another decline. The initial downside support is near the $1,640 level.
The next significant support is near the $1,620 level. If the $1,620 support is broken and there is a close below it, the price could drop towards the $1,550 support. Further losses could send the price towards the $1,500 region.
Technical Indicators
- Hourly MACD – MACD for ETH/USD is losing momentum in the bearish territory.
- Hourly RSI – RSI for ETH/USD is currently above the 50 level.
- Significant Support Level – $1,620
- Significant Resistance Level – $1,700
