.What’s Next for Ethereum, Struggling for Key Support? Ethereum is trying to move above the $ 1,710 and $ 1,750 resistance levels against the US Dollar. If it cannot stay above the $ 1,650 support level, the ETH price is likely to continue to decline.
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 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.
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.
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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