Ethereum Price Downtrend May Not Be Over—Sub-$1,700 Levels Loom

Ethereum price started a fresh decline and traded below $1,750. $ETH is now consolidating below $1,750 and might continue to move down, because apparently the market decided yesterday's bounce was a bit too optimistic.

Ethereum Price Remains In Downtrend

Ethereum failed to hold above $1,840 and began a fresh decline, following Bitcoin's lead like a slightly less famous sibling. $ETH dipped below the $1,800 and $1,780 levels, then traded below $1,750. A low was formed at $1,715, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1,888 swing high to the $1,715 low. A bearish trend line is also forming with resistance at $1,750 on the hourly chart of $ETH/USD.

Ethereum is now trading below $1,750 and the 100-hourly Simple Moving Average. If the bulls manage to stay active above $1,700, the price could attempt another increase. Immediate resistance is near the $1,750 level. Source: ETHUSD on TradingView.com.

The first key resistance is near the $1,800 level and the 50% Fib retracement level of the downward move from the $1,888 swing high to the $1,715 low. The next major resistance is near $1,820. A clean break above the $1,820 resistance might send the price toward the $1,880 resistance. An upside break above the $1,880 region could open the door for more gains in the coming days. In that case, Ether might rise toward the $1,920 resistance zone or even $1,965 in the near term.

Downside Continuation In $ETH?

If Ethereum fails to clear the $1,880 resistance, a fresh decline could be on the menu. Initial support on the downside is near the $1,715 level. The first major support sits near the $1,680 zone. A clear move below $1,680 support might push the price toward $1,650 support. Further losses could send the price toward the $1,625 region, with the main support at $1,600.

Technical Indicators

Hourly MACD – The MACD for $ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for $ETH/USD is now below the 50 zone. Major Support Level – $1,715 Major Resistance Level – $1,880