Ethereum Price Consolidates Below $1,720: What Could Trigger Another Decline?

Republished By Plato

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Ethereum price is still struggling below $1,720 against the US Dollar. ETH could continue to move down if it stays below $1,700 and $1,720.

Ethereum is slowly moving higher from the $1,620 support zone.
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 $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to recover above the $1,700 and $1,720 resistance levels.

Ethereum Price Faces Uphill Task

Ethereum’s price remained in a bearish zone below the $1,720 resistance. ETH extended its decline below the $1,660 level, similar to Bitcoin.

There was a spike below the $1,630 support. The price tested the $1,620 zone. A low is formed near $1,620 and the price is now attempting a recovery wave. There was a move above the $1,640 and $1,650 levels. The bulls pushed the price toward the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,620 low.

Ether is still trading below $1,700 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,720 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,700 level or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $1,748 swing high to the $1,620 low. The next major resistance is near the $1,720 level and the trend line.

Ethereum Price

Source: ETHUSD on TradingView.com

A proper move above the $1,700 and $1,720 resistance levels might start a steady recovery wave. The next resistance sits near $1,775, above which Ethereum could rise toward the $1,820 level. Any more gains above the $1,820 resistance zone might send the price toward the $1,850 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,640 level.

The next major support is near the $1,620 level. If there is a break and close below the $1,620 support, the price could dive toward the $1,550 support. Any more losses may perhaps send the price toward the $1,500 zone.

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 above the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,700