Blog

Ethereum worth is struggling to get better above the $1,700 resistance in opposition to the US Dollar. ETH might begin a contemporary decline if it stays beneath $1,700 and $1,720.

• Ethereum is struggling to get better above the $1,700 and $1,720 ranges.
• The worth is buying and selling beneath $1,700 and the 100-hourly Simple Moving Average.
• There is a key bearish pattern line forming with resistance close to $1,680 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair might begin one other decline if it stays beneath the $1,700 stage within the close to time period.

Ethereum Price Consolidates Below $1,700

Ethereum’s worth began a restoration wave from the $1,520 zone. ETH managed to get better above the $1,550 and $1,580 ranges, much like Bitcoin.

However, the value is struggling to get better above the $1,700 and $1,720 ranges. It is now shifting decrease and buying and selling beneath the 23.6% Fib retracement stage of the restoration wave from the $1,517 swing low to the $1,716 excessive. There can also be a key bearish pattern line forming with resistance close to $1,680 on the hourly chart of ETH/USD.

Ether is now buying and selling beneath $1,700 and the 100-hourly Simple Moving Average. On the upside, the value may face resistance close to the $1,680 stage and the pattern line.

Source: ETHUSD on TradingView.com

The subsequent resistance is close to $1,690 or the 100-hourly Simple Moving Average. The first main resistance is forming close to $1,700 and $1,720. An in depth above the $1,720 stage might begin a good improve within the close to time period. The subsequent main resistance is close to the $1,750 stage. Any extra beneficial properties may ship the value towards the $1,820 resistance and even $1,880 within the coming days.

Another Drop in ETH?

If Ethereum fails to clear the $1,700 resistance, it might begin one other decline. Initial help on the draw back is close to the $1,620 stage or the 50% Fib retracement stage of the restoration wave from the $1,517 swing low to the $1,716 excessive.

The first main help is close to the $1,600 zone. If there’s a draw back break beneath $1,600, there could possibly be extra losses. The subsequent main help is close to the $1,565 help stage. Any extra losses may ship the value towards the $1,520 stage within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is shedding momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 stage.

Major Support Level – $1,600

Major Resistance Level – $1,700