Ethereum has seen a significant downturn in recent trading sessions, unable to sustain a position above the $1,820 level. The cryptocurrency has slid below the $1,650 level, signaling a struggle as it consolidates losses. Currently, it appears to be encountering resistance near the $1,675 level, which could restrict recovery attempts.
The decline pushed Ethereum under critical support levels, specifically below $1,650 and $1,620. The price is now situated beneath both these levels and the 100-hourly Simple Moving Average, indicating a bearish trend. A recent break below a bullish trend line, which previously supported prices around $1,775, exacerbated the downward momentum. As a result, the Ethereum -USD pair is facing the risk of further declines, particularly if it trades below the $1,550 support zone.
After struggling to maintain traction above $1,800, Ethereum ’s price dipped sharply, much like Bitcoin ’s trajectory. The cryptocurrency fell below $1,750 and $1,700, with a low recorded at $1,537 before a slight correction occurred. This brief recovery saw the price peak at $1,580, where it hit the 23.6% Fibonacci retracement level from the recent high to low. Nevertheless, sellers remain active near the $1,600 level, causing ongoing obstacles to any upward movement.
As things stand, Ethereum is navigating the waters below $1,650, encountering multiple resistances. The next significant resistance point stands at $1,675, with a further hurdle appearing near the $1,710 level. A decisive breakout above the $1,710 level could potentially push Ethereum towards $1,820, triggering further gains in subsequent sessions. Conversely, if the price struggles to exceed $1,600, it may pave the way for another decline. Initial support remains at $1,550, with a crucial level near $1,535. A drop below this level could see Ethereum plummet toward $1,420 and possibly even $1,400, with $1,350 as the next key support indicator.
