Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily.
- Ethereum peaked near $1,670 and started a fresh decline.
- The price is trading below $1,650 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bearish momentum if there is a close below $1,600 and $1,580.
Ethereum Price Turns Red
Ethereum’s price attempted a fresh increase above the $1,620 pivot level. ETH even broke the $1,650 resistance but the bears were active near the $1,670 level.
As a result, the price failed to continue higher and started a fresh decline below $1,650, like Bitcoin. There was a downside break below the $1,620 level and the 100-hourly Simple Moving Average. The price even retested the $1,600 support zone.
Downside Break in ETH?
If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,600 Major Resistance Level – $1,650