Ethereum price turned downward again from the $1,690 zone. ETH ($1,796.21) is currently stabilising and could drop more below the $1,580 support zone. 

Main Takeaways:-

• Ethereum’s price turned downward again after it was unable to surpass $1,700 and $1,720.
• At present, the price is trading under $1,620 and the 100-hourly Regular Moving Average.
• The price of ETH went below a new upward trend line that had support around $1,625 on the hourly chart of ETH/USD. 
• To start a normal increase, the pair wants to pass the $1,640 resistance level. 

ETH Price Struggles to Break Higher

Ethereum price built a support above $1,550 and began an upward movement, like Bitcoin. ETH built momentum to break above the $1,600 and $1,620 resistance zones. 

The buyers pushed the price above $1,650. The price reached a high of $1,690 but then dropped back down. It moved below the $1,640 support level and broke through a new upward trend line that had support at $1,625 on the hourly chart for ETH/USD.

The price examined the 50% Fib retracement level of the upward surge from the $1,472 from the lowest point to the $1,690 high. At present, the Ethereum price is trading below $1,625 and the 100-hourly Simple Moving Average.

On the way up, the price faces obstacles around the $1,620 level. The next important resistance is at the $1,640 level, and the main resistance is at the $1,650 level. If the price breaks above $1,650, it could rise towards the $1,690 level.

If the price breaks above the $1,690 resistance, it could lead to more gains in the next few sessions. In that case, Ether might rise towards the $1,750 resistance level or even reach $1,800 soon.

More Decline Ahead for ETH?

If Ethereum fails to pass the $1,640 resistance zone, then another drop will start. The first level of support on the downside is close to the $1,580 zone. The first important support stands close to the $1,555 zone, and the 61.8% Fib retracement level surges from the $1,472 dip to the $1,690 high. 

A clear shift under the $1,555 support may push the price close to the $1,525 support zone. If the price continues to drop, it could reach the $1,450 support level soon. The next important support is at $1,420.

Ethereum Technical Analysis:-

Hourly RSI (Relative Strength Index) – The RSI for ETH/USD is currently under the 50 zone. 

Hourly MACD (Moving Average Convergence Divergence) – The MACD for ETH/USD currently shows increasing momentum in the bearish zone. 

• $1,580 – Major Support Level
• $1,640 – Major Resistance Level

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