Ethereum price failed again to clear the $1,700 resistance against the US Dollar. ETH is retesting the $1,600 support, below which it could accelerate lower.
- Ethereum started another decline from the $1,700 resistance zone.
- The price is now trading below $1,650 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if there is a close below the $1,600 support.
Ethereum Price Revisits Key Support
Ethereum price attempted an upside break above the $1,700 level, similar to bitcoin at $23,500. ETH failed to clear the $1,700 resistance zone and started a fresh bearish wave.
There was a drop below the $1,660 and $1,650 support levels. The price even retested the key $1,600 support zone. A low is formed near $1,610 and the price is now consolidating losses. Ether price is now trading below $1,650 and the 100 hourly simple moving average.
Downside Break in ETH?
If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,610 level.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,600 Major Resistance Level – $1,650