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Ethereum price started a fresh decline from the $1,690 zone. ETH is now consolidating and might decline further below the $1,580 support zone.
- Ethereum started a fresh decline after it failed to clear $1,700 and $1,720.
- The price is trading below $1,620 and the 100-hourly Simple Moving Average.
- There was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,640 resistance zone.
Ethereum Price Faces Rejection
Ethereum price formed a base above $1,550 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,600 and $1,620 resistance levels.
The bulls even pumped the price above the $1,650 zone. A high was formed at $1,690 and the price recently corrected gains. There was a move below the $1,640 support zone. Besides, there was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD.
The price tested the 50% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high. Ethereum price is now trading below $1,625 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $1,620 level. The next key resistance is near the $1,640 level. The first major resistance is near the $1,650 level. A clear move above the $1,650 resistance might send the price toward the $1,690 resistance.
An upside break above the $1,690 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $1,640 resistance, it could start another decline. Initial support on the downside is near the $1,580 level. The first major support sits near the $1,555 zone and the 61.8% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high.
A clear move below the $1,555 support might push the price toward the $1,525 support. Any more losses might send the price toward the $1,450 support level in the near term. The next key support sits at $1,420.
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 – $1,580
Major Resistance Level – $1,640
