Ethereum Price Analysis: ETH Could Correct Below $1,650

Ethereum price is declining below $1,750 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,700 support zone.

Ethereum Price Analysis

This past week, ethereum struggled to clear the $1,800 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,800 level but failed.

A swing high was formed near $1,800 and the price started a fresh decline. There was a drop below the $1,760 and $1,750 support levels. The pair even spiked below the $1,700 support. A low is formed near $1,688 and the price is now consolidating losses.

It is now trading below $1,750 and the 55 simple moving average (4-hours). On the upside, the price is now facing resistance near the $1,730 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,861 swing high to $1,688 low.

The next major resistance is near the $1,730 level. There is also a major bearish trend line forming with resistance near $1,740 the 4-hours chart.

The next major resistance is near the $1,775 zone or the 50% Fib retracement level of the recent decline from the $1,861 swing high to $1,688 low. A clear move above the $1,770 and $1,800 resistance levels might call for a fresh move to $1,860. Any more gains could even send the price towards the $1,940 resistance zone or even $2,000 in the near term.

On the downside, an initial support is near the $1,700 level. The next major support is now near the $1,685 level. A break below the $1,685 support could push the price to $1,600. If the bulls fail to protect the $1,600 support, the price might decline towards $1,500.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below $1,750 and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it breaks the $1,700 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $1,700, followed by the $1,600 zone.

Key Resistance$ Levels – $1,730 and $1,800.

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