The Ethereum price was unable to rebound to the $1,750 mark and experienced a considerable dip, negating all its gains against the US Dollar. There’s a likelihood ETH price could drop further if it fails to maintain the support threshold at $1,630.
Ethereum’s Volatile Journey
Four key stages depict Ethereum’s most recent up-and-down ride:
| Stage | Description |
|---|---|
| 1. Fresh Decline | Ethereum experienced a new decline below the $1,700 level, initiating a downward trend. |
| 2. Trading Pattern | ETH has been trading below the $1,700 mark and even remained below the 100-hourly Simple Moving Average, indicating bearish tendencies. |
| 3. Bearish Trend | A notable bearish trend is developing. There seems to be resistance near $1,690 on the hourly chart of ETH/USD (This is evident from the data feed via Kraken). |
| 4. Probability of Further Decline | If ETH’s price fails to hold above the $1,630 support level, it could extend its downward phase even further. |
Ethereum has been struggling to maintain a foothold over the $1,700 mark. Like Bitcoin, ETH started experiencing a new downward momentum once it failed to remain above this level.
Recent ETH Price Movements
Following a clear shift below the $1,665 level, the price hit a low beneath the $1,640 mark. It even challenged the $1,630 support and is currently consolidating its losses. Ether is now trading below the $1,700 level and the 100-hourly Simple Moving Average. This confirms the bearish stance ETH has taken for the short-term.
Important Resistance and Support Levels
- Crucial Bearish Trend: A key bearish trend line is forming, with resistance near the $1,690 on the hourly chart of ETH/USD.
- Resistance on Upswing: On the upside, any attempts at a bullish run might face resistance near the $1,660 level and the 23.6% Fibonacci retracement level of the recent decline from $1,747 high to a $1,630 low.
- Additional Resistance Levels: The next level of resistance is hovering near the $1,680 mark, with the main resistance forming along the bearish trend line near the $1,700 level—just withheld by the 50% Fibonacci retracement level of the recent $1,747 high to a $1,630 low.
Image Source: Ethereum/USD chart on TradingView.com
If Ethereum can manage to breach past the crucial $1,700 level, it might propel the price towards the $1,750 region. A definitive surge beyond $1,750 could possibly ignite a rally all the way up to $1,800. Any further gains might propel ETH towards the $1,850 mark.
Ethereum’s Downward Risk
If Ethereum fails to overcome the $1,700 resistance level, it could prolong its bearish phase. There’s an initial support on the downside close to $1,640.
- Important Support Lines:
- The first vital support is inching closer to the $1,630 level.
- A stronger support lies around the $1,600 mark.
- Extended Downward Risk: If ETH faces a downward breach below the formidable $1,600 support, the price may extend its fall to roughly the $1,540 zone. A continuation of this downtrend could send the price spiraling down towards the $1,480 level in the near future.
Key Technical Indicators
- Hourly MACD: The MACD for ETH/USD is indicating a potential slowdown in the bearish zone.
- Hourly RSI: The RSI for ETH/USD is currently trading below the neutral 50 level.
- Major Support Level: $1,630
- Major Resistance Level: $1,700
