Ethereum Price Key Indicators Suggest Rising Selling Interest Below $1,700

Ethereum price is struggling to recover above the $1,700 resistance against the US Dollar. ETH could start a fresh decline if it stays below $1,700 and $1,720.

  • Ethereum is struggling to recover above the $1,700 and $1,720 levels.
  • The price is trading below $1,700 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $1,680 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another decline if it stays below the $1,700 level in the near term.

Ethereum Price Consolidates Below $1,700

Ethereum’s price started a recovery wave from the $1,520 zone. ETH managed to recover above the $1,550 and $1,580 levels, similar to Bitcoin.

However, the price is struggling to recover above the $1,700 and $1,720 levels. It is now moving lower and trading below the 23.6% Fib retracement level of the recovery wave from the $1,517 swing low to the $1,716 high. There is also a key bearish trend line forming with resistance near $1,680 on the hourly chart of ETH/USD.

Ether is now trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,680 level and the trend line.

Ethereum Price

Source: ETHUSD on TradingView.com

The next resistance is near $1,690 or the 100-hourly Simple Moving Average. The first major resistance is forming near $1,700 and $1,720. A close above the $1,720 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. Any more gains might send the price toward the $1,820 resistance or even $1,880 in the coming days.

Another Drop in ETH?

If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,620 level or the 50% Fib retracement level of the recovery wave from the $1,517 swing low to the $1,716 high.

The first major support is near the $1,600 zone. If there is a downside break below $1,600, there could be more losses. The next major support is near the $1,565 support level. Any more losses might send the price toward the $1,520 level in the near term.

Technical Indicators

Hourly MACD The MACD for ETH/USD is losing 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 – $1,700

此頁面可能包含第三方內容,僅供參考(非陳述或保證),不應被視為 Gate 認可其觀點表述,也不得被視為財務或專業建議。詳見聲明
  • 讚賞
  • 留言
  • 轉發
  • 分享
留言
0/400
暫無留言
交易,隨時隨地
qrCode
掃碼下載 Gate App
社群列表
繁體中文
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)