Below the $1,700 resistance level versus the US dollar, the price of ether faces numerous obstacles. Below the $1,580 and $1,550 marks, ETH’s slide can continue.
ETH is now trading below $1,750 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the $1,700 level. It is close to the 61.8% Fib… pic.twitter.com/mOp3kZU8FZ— ArtiTicey (@artiticey) August 18, 2023
- Ethereum is still having difficulty rising above the $1,700 and $1,720 price points.
- The price is currently trading below both the 100-hour simple moving average and $1,680.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a significant bearish trend line forming, with resistance located near $1,665.
- If the pair breaches the $1,580 support in the near future, it might begin another drop.
Ethereum Price Faces Uphill Task
The $1,700 resistance level was too strong for Ethereum’s price to overcome. Similar to Bitcoin, ETH launched a new drop below the $1,650 and $1,620 levels.
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Even lower than the $1,600 support, the price jumped and hit $1,580. The price is currently making an attempt to rebound from the low that was created near $1,580. There was an increase above $1,600. The price is currently testing the 50% Fibonacci retracement level of the decline from the swing high of $1,693 to the low of $1,580.
Ether is currently trading below both the 100-hour simple moving average and the $1,680 mark. On the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,665 is also developing.
Bitcoin is currently trading below USD $45,000 and Ether is around USD $3,180. Many analysts agree that both cryptocurrencies can appreciate significantly in the medium/long term, suggesting prices above USD $100,000 and USD $20,000 respectively for the next few years.$BTC $ETH
— Edgar Gerik (@Edger_K) February 7, 2022
The price may encounter resistance near the $1,650 mark on the upside. It is very near the 61.8% Fib retracement level of the decline from the swing high of $1,693 to the low of $1,580. The 100-hourly simple moving average or the trend line, which are both close to $1,665, will be the next resistance.
Another Drop in ETH?
Ethereum may begin another slide if it is unable to overcome the $1,665 resistance. Near $1,600 is where initial support on the downside is located.
Another vivid abstract landscape was minted tonight, so just 6 left in drop.
It's just 0.005 eth, so…may be sold out this weekend?https://t.co/YKroRnytYW pic.twitter.com/JanFbEMI06— OhHungryArtist🇺🇦 (@OhHungryArtist) June 3, 2023
The $1,580 area serves as the first significant level of support. More losses can occur if the price breaks lower than $1,580 on the downside. Near the $1,550 support level is the next significant level of support. Any additional declines might push the price down to $1,520 or even to a new low below $1,500.