Ethereum price is facing many hurdles below the $1,700 resistance against the US Dollar. ETH could extend its decline below the $1,580 and $1,550 levels.
- Ethereum is still struggling to recover above the $1,700 and $1,720 levels.
- The price is trading below $1,680 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another decline if it breaks the $1,580 support in the near term.
Ethereum Price Faces Uphill Task
Ethereum’s price failed to climb above the $1,700 resistance zone. ETH started a fresh decline below the $1,650 and $1,620 levels, similar to Bitcoin.
The price even spiked below the $1,600 support and tested $1,580. A low was formed near $1,580 and the price is now attempting a fresh recovery. There was a move above the $1,600 level. The price is now testing the 50% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low.Another Drop in ETH?
If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.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 – $1,580 Major Resistance Level – $1,665