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Ethereum worth remains to be struggling beneath $1,720 in opposition to the US Dollar. ETH may proceed to maneuver down if it stays beneath $1,700 and $1,720.

• Ethereum is slowly transferring larger from the $1,620 assist zone.
• The worth is buying and selling beneath $1,700 and the 100-hourly Simple Moving Average.
• There is a key bearish development line forming with resistance close to $1,720 on the hourly chart of ETH/USD (information feed through Kraken).
• The pair may battle to recuperate above the $1,700 and $1,720 resistance ranges.

Ethereum Price Faces Uphill Task

Ethereum’s worth remained in a bearish zone beneath the $1,720 resistance. ETH prolonged its decline beneath the $1,660 stage, just like Bitcoin.

There was a spike beneath the $1,630 assist. The worth examined the $1,620 zone. A low is fashioned close to $1,620 and the worth is now making an attempt a restoration wave. There was a transfer above the $1,640 and $1,650 ranges. The bulls pushed the worth towards the 50% Fib retracement stage of the downward transfer from the $1,748 swing excessive to the $1,620 low.

Ether remains to be buying and selling beneath $1,700 and the 100-hourly Simple Moving Average. There can be a key bearish development line forming with resistance close to $1,720 on the hourly chart of ETH/USD.

Immediate resistance is close to the $1,700 stage or the 100-hourly Simple Moving Average. It is near the 61.8% Fib retracement stage of the downward transfer from the $1,748 swing excessive to the $1,620 low. The subsequent main resistance is close to the $1,720 stage and the development line.

Source: ETHUSD on TradingView.com

A correct transfer above the $1,700 and $1,720 resistance ranges would possibly begin a gentle restoration wave. The subsequent resistance sits close to $1,775, above which Ethereum may rise towards the $1,820 stage. Any extra positive factors above the $1,820 resistance zone would possibly ship the worth towards the $1,850 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,700 resistance, it may begin one other decline. Initial assist on the draw back is close to the $1,640 stage.

The subsequent main assist is close to the $1,620 stage. If there’s a break and shut beneath the $1,620 assist, the worth may dive towards the $1,550 assist. Any extra losses might maybe ship the worth towards the $1,500 zone.

Technical Indicators

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

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

Major Support Level – $1,620

Major Resistance Level – $1,700