Ethereum's value is tracing a gently descending trajectory, approaching the 1,585 USD mark against the US dollar. It's crucial for ETH to overcome the resistance level at 1,650 USD in order to enter a recovery phase.

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#Ethereum and Its Struggle to Maintain Value Above 1,600 USD

-       Ethereum is moving below the 1,650 USD value and also under the 100-hour simple moving average.

-       A prominent bearish trend line with resistance around 1,645 USD is forming on the ETH/USD hourly chart (information via Kraken).

-       A new rise might be anticipated if the pair overcomes resistance values of 1,650 USD and 1,665 USD.

 Decline in Ethereum’s Price

Ethereum attempted a recovery, escalating above the resistance point of 1,650 USD, yet the rebound proved to be limited, mirroring Bitcoin’s scenario. The price struggled to gain enough momentum to conquer the resistance level of 1,665 USD, forming a peak near 1,654 USD followed by a downturn.

 The price slipped below 1,620 USD and even traded just above the 1,600 USD mark. The lowest point was set near 1,607 USD, and the price is now undergoing a consolidation phase.

 Ethereum is trading below the 1,650 USD level and the 100-hour simple moving average, with a significant bearish trend line forming on the #ETH /USD hourly chart, featuring resistance around 1,645 USD.

 In an upward movement, a resistance point could be located near the 1,630 USD value. This point is closely adjacent to the 50% Fibonacci retracement level of the recent fall from 1,654 USD to 1,607 USD. Further significant resistance is found at 1,650 USD.

To initiate a stable ascent, Ether needs to solidify its position above the 1,650 and 1,665 dollar marks. The following significant resistance point may be set at 1,720 dollars. Any further gain could carve a path for a trend moving towards the 1,750 dollar value.

 Risk of Further Losses in ETH?

If Ethereum is unable to surpass the resistance level of 1,650 USD, a continued decline might occur. The initial support downward is near the 1,610 USD value, followed by a key support level of 1,600 USD.

 The first significant support is now near the 1,585 USD value. A breakthrough below this support may trigger a further decline, which could shift the price down to the 1,540 USD mark. Any additional losses may potentially bring Ether down to the 1,500 USD level.

Technical Indicators

-       Hourly MACD – The MACD for ETH/USD is strengthening in the bearish zone.

-       Hourly RSI – The RSI for ETH/USD is now below the 50 level.

-       Primary Support Level – 1,585 USD

-       Major Resistance Level – 1,665 USD

Notice:

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