Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily.
A low is formed near $1,600 and the price is now consolidating losses. Ether is now trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.
On the upside, the price might face resistance near the $1,620 level and the trend line. The next resistance is near the $1,635 level or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.
The first major resistance is near $1,650, above which the price could rise toward the $1,670 level. The next major hurdle is near the $1,700 level. A close above the $1,700 level might send Ethereum further higher toward $1,750.
If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.
The first key support is close to $1,580. The next key support is $1,540. A downside break below $1,540 might start a major decline toward $1,450. If there is a downside break below $1,450, the price could test the $1,320 support level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining 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
