Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA.
- Ethereum is struggling to recover above the $1,690 and $1,700 levels.
- The price is trading below $1,700 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline if it stays below the $1,700 level in the near term.
Ethereum Price Faces Hurdles
Ethereum’s price declined heavily below the $1,700 level. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin.
There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD.Fresh Decline in ETH?
If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,600 zone. If the bulls fail to protect the $1,600 support, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 level in the near term.Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,600 Major Resistance Level – $1,700