Ethereum price is showing bearish signs below USD 1,700 against the US dollar. ETH could decline further below the USD 1,600 level.
- Ethereum is down 5% and there was a move below the $1,720 support.
- The price is trading below $1,700 and the 100-hour Simple Moving Average.
- The bears are struggling near a major bearish trendline with resistance near $1,740 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could struggle to recover above the $1,680 and $1,700 resistance levels.
Ethereum price plunges 5%
Ethereum price failed to gain momentum for a move above the $1,780 resistance. ETH reacted to the downside below the $1,720 support following the Fed interest rate decision, similar to Bitcoin.
There was clear movement below the $1,700 and $1,640 support levels. The price is down more than 5% and it traded near USD 1,630. A low is forming near USD 1,630 and the price is now consolidating losses. It trades below $1,700 and the 100-hour Simple Moving Average.
A major bearish trendline is also forming with resistance near $1,740 on the ETH/USD hourly chart. Immediate resistance is near the $1,660 level or the 23.6% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low.
The next major resistance is near the $1,680 level. The first major resistance is near $1,700 or the 61.8% Fib retracement level from the recent drop from the $1,749 swing high to the $1,630 low. A good move above the $1,680 and $1,700 resistance levels could spark a steady recovery wave.
Source: ETHUSD at TradingView.com
The next resistance is near $1,740 and the trendline, above which Ethereum could rise towards the $1,780 level. More gains above the $1,780 resistance zone could push the price towards the $1,850 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,700 resistance, it could fall further. Initial support on the downside is near the $1,630 level and the recent low.
The next major support is near the $1,600 level. If there is a break and closes below the $1,600 support, the price may accelerate lower towards the $1,550 support. Even more losses might send the price towards the $1,500 zone.
Technical indicators
MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,600
Major resistance level – $1,700
