What’s Next for Ethereum, Struggling for Key Support?

Ethereum is showing several bearish signs below the $ 1,750 and $ 1,710 resistance levels.

The price is currently trading well below $ 1,750 and the 100 hourly simple moving average.

There is a key bearish trend line with resistance near $ 1,740 on the hourly chart of ETH / USD.

The pair may correct for higher levels. However, it is likely to face a strong selling interest around $ 1,710 and $ 1,750.

Ethereum Price Is At Risk

Ethereum tested the $ 1,650 support zone and initiated an upward correction. It climbed above the $ 1,750 level. But he had a hard time testing even $ 1,750. A high was formed around $ 1,720 before the price started a new decline.The price broke the $ 1,700 level and retested the $ 1,660 support. Ethereum is currently trading well below $ 1,750 and the 100 hourly simple moving average. A low was formed around $ 1,650 and the price is currently consolidating losses similar to Bitcoin.

An initial resistance on the upside is near the $ 1,685 level. There is also a key bearish trend line with resistance near $ 1,740 on the hourly chart of ETH / USD. A clear break above $ 1,720 followed by a follow-up move above $ 1,750 is essential for a fresh hike in the near term.

Will there be more losses in ETH?

If Ethereum cannot break above the $ 1,705 and $ 1,720 resistance levels, it could continue to move down. The first downside support is near the $ 1,660 level.

The main support is near the $ 1,650 level. A clear downside break below the $ 1,650 support is likely to pave the way for a sharp decline. In the case stated, the price could test $ 1,600 or even $ 1,580 in the near term.

Technical indicators

Hourly MACD – The MACD for ETH / USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH / USD is still well below the 50 level.

Major Support Level – $ 1,650.

Major Resistance Level: $ 1,720.

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