- Ethereum experienced a 5% decrease and fell below the support of $1,720.
- The price is trading below $1,700 and the 100-hour Simple Moving Average.
- Bears are struggling with a significant downward trend line along with resistance around $1,740 on the ETH/USD hourly chart.
Ethereum price is showing bearish signs below $1,700. ETH may continue to move below the $1,600 level.
Ethereum Price Lost 5% of its Value
Ethereum’s price failed to gain momentum above the $1,780 resistance. Similar to Bitcoin, ETH reacted downwards below the $1,720 support after the Fed’s interest rate decision.
The price clearly dropped below the $1,700 and $1,640 support levels. The price traded around $1,620, experiencing a decrease of more than 5%. A low level formed around $1,620, and the price is currently consolidating its losses. It is trading below $1,700 and the 100-hour Simple Moving Average.
On the ETH/USD hourly chart, an important downward trend line is forming along with resistance around $1,740. The immediate resistance level is around $1,650, which is the 23.6% Fibonacci retracement level of the recent decline from the $1,749 high to the $1,620 low.
The next significant resistance level is around $1,680. The first major resistance is around $1,700, which is the 61.8% Fibonacci retracement level of the recent decline from the $1,749 high to the $1,620 low. A strong move above the $1,680 and $1,700 resistance levels could initiate a stable recovery wave.
ETH/USD 1 Hour Price Chart
The next resistance level is around $1,740, close to the trend line. Above this level, Ethereum may show an upward trend towards the $1,780 resistance. Further gains above the $1,780 resistance could send the price towards the $1,850 resistance.
Could There Be More Losses?
If Ethereum fails to surpass the $1,700 resistance, it may continue its downward movement. The first support level on the downside is around $1,620, which is the recent low.
The next significant support level is around $1,600. If there is a break and close below the $1,600 support level, the price could accelerate towards the $1,550 support level. In case of further losses, the price could move towards the $1,500 region.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
- Important Support Level – $1,600
- Important Resistance Level – $1,700
