Ethereum price began a downward correction below $1,665. For ETH to continue rising, the resistance levels of $1,650 and $1,720 must be cleared.
- Ethereum began a downward correction below the $1,650 area.
- The price is trading below $1,650 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a descending channel with resistance at $1,640.
- If it stays below the $1,720 area, the pair may continue to decline.
Ethereum price maintains support
The price of Ethereum was unable to maintain above the $1,680 range like Bitcoin and continued its downward trend. ETH price picked up pace, moving below the $1,665 and $1,650 levels.
Price also tested the 50% Fib retracement level rising from the $1,505 swing low to the $1,720 swing high. However, the bulls remained active near the $1,610 level. Moreover, on the hourly chart of ETH/USD, there is a descending channel with resistance at $1,640.
Ethereum price is currently trading below $1,650 and the 100-hour simple moving average. If the uptrend continues above $1,610, the price could attempt another rally.
Immediate resistance appears near the $1,650 level. The first major resistance is near the $1,665 level. The next major resistance is near the $1,680 level. A clear break above the $1,680 resistance level could push the price towards the $1,720 resistance level. A rally above the $1,720 area could lead to further gains in the coming days. If indicated, Ethereum could rise to the $1,780 resistance zone or $1,800 in the near term.
Will ETH’s downside persist?
If Ethereum fails to clear the $1,650 resistance, a new downtrend could begin. Initial support for the downside is near the $1,610 level. The first major support lies near the $1,590 zone or the 61.8% Fib retracement level rising from the $1,505 swing low to the $1,720 swing high.
A clear move below the $1,590 support could push the price towards the $1,550 support. Any more losses could lead the price towards the $1,520 region. Major support may be $1,500.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $1,610
Key Resistance Level – $1,665