Ethereum price started a recovery wave above the $1,620 zone. ETH is now consolidating and struggling to continue higher above the $1,700 resistance.
- Ethereum started a recovery wave above the $1,620 zone.
- The price is trading below $1,680 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $1,685 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $1,700 zone.
Ethereum Price Fails To Extend Recovery
Ethereum price started a recovery wave above the $1,520 zone, like Bitcoin. ETH price was able to surpass and settle above the $1,620 resistance.
The price surpassed the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low. However, the bears remained active near the $1,700 resistance. As a result, there was a fresh bearish reaction. Besides, there was a break below a bullish trend line with support at $1,685 on the hourly chart of ETH/USD.
Ethereum price is now trading below $1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,650, the price could attempt another increase. Immediate resistance is seen near the $1,680 level. The first key resistance is near the $1,700 level.
The next major resistance is near the $1,750 level or the 50% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low. A clear move above the $1,750 resistance might send the price toward the $1,800 resistance. An upside break above the $1,800 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,840 resistance zone or even $1,880 in the near term.
Downside Continuation In ETH?
If Ethereum fails to clear the $1,700 resistance, it could start a fresh decline. Initial support on the downside is near the $1,650 level. The first major support sits near the $1,620 zone.
A clear move below the $1,620 support might push the price toward the $1,580 support. Any more losses might send the price toward the $1,550 region. The main support could be $1,500.
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 – $1,650
Major Resistance Level – $1,700
