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Ethereum worth is going through many hurdles beneath the $1,700 resistance in opposition to the US Dollar. ETH may prolong its decline beneath the $1,580 and $1,550 ranges.

• Ethereum remains to be struggling to get well above the $1,700 and $1,720 ranges.
• The worth is buying and selling beneath $1,680 and the 100-hourly Simple Moving Average.
• There is a serious bearish development line forming with resistance close to $1,665 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may begin one other decline if it breaks the $1,580 assist within the close to time period.

Ethereum Price Faces Uphill Task

Ethereum’s worth did not climb above the $1,700 resistance zone. ETH began a recent decline beneath the $1,650 and $1,620 ranges, much like Bitcoin.

The worth even spiked beneath the $1,600 assist and examined $1,580. A low was fashioned close to $1,580 and the value is now trying a recent restoration. There was a transfer above the $1,600 stage. The worth is now testing the 50% Fib retracement stage of the downward transfer from the $1,693 swing excessive to the $1,580 low.

Ether can also be buying and selling beneath $1,680 and the 100-hourly Simple Moving Average. Besides, there’s a main bearish development line forming with resistance close to $1,665 on the hourly chart of ETH/USD.

On the upside, the value would possibly face resistance close to the $1,650 stage. It is near the 61.8% Fib retracement stage of the downward transfer from the $1,693 swing excessive to the $1,580 low. The subsequent resistance is close to $1,665 or the 100-hourly Simple Moving Average or the development line.

Source: ETHUSD on TradingView.com

The major barrier remains to be close to the $1,700 zone. An in depth above the $1,700 stage may begin an honest enhance within the close to time period. The subsequent main resistance is close to the $1,750 stage. Any extra beneficial properties would possibly ship the value towards the $1,820 resistance.

Another Drop in ETH?

If Ethereum fails to clear the $1,665 resistance, it may begin one other decline. Initial assist on the draw back is close to the $1,600 stage.

The first main assist is close to the $1,580 zone. If there’s a draw back break beneath $1,580, there could possibly be extra losses. The subsequent main assist is close to the $1,550 assist stage. Any extra losses would possibly ship the value towards the $1,520 stage and even to a brand new low beneath $1,500.

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 – $1,580

Major Resistance Level – $1,665